Banking firm HSBC has announced it will end its current deal with British Cycling after the conclusion of the 2020 Olympic and Paralympic Games in Tokyo.
British Cycling initially signed an eight-year partnership with HSBC in 2017, however after activating a break clause, the deal will conclude four years earlier than expected.
Ian Stuart, chief executive of HSBC UK, stated: “We are extremely proud of what our partnership has delivered over the last three years and excited about what it can achieve this year. When we set off on this journey together we wanted to get two million people cycling regularly and we’re on track to smash through that this year.
“We wanted this partnership to create a legacy and it has. It has changed the way we approach things as a company as we encourage our customers and our colleagues to make healthier and greener choices.”
HSBC were the organisation’s main sponsor and helped the cycling team financially prepare for the upcoming Olympic campaign, along with creating initiatives such as HSBC UK Let’s Ride, HSBC UK Go Ride, HSBC UK Breeze and HSBC UK Ready Set Ride.
Julie Harrington, chief executive of British Cycling, added: “British Cycling’s partnership with HSBC UK has delivered lasting benefits for our sport and for communities up and down the country. We will part with HSBC UK as firm friends and, in the meantime, look forward to working with them to support our riders to achieve their best in Tokyo.”
The banking firm’s late withdrawal, due to ‘UK marketing and partnership priorities’ will be a difficult blow to British Cycling after the Olympic events, with the organisation hoping to secure another main sponsor before the current deal is terminated.
Insider Insight: HSBC’s decision to end its sponsorship with British Cycling is not a surprise if you have been following the banks financial losses last year. However, this was a significant deal for British Cycling and they may struggle to find a partner who will back them financially as much as the banking firm.
