Banking firm HSBC has revealed its agreed eight-year partnership with British Cycling will end after the 2020 Olympic and Paralympic Games due to ‘UK marketing and partnership priorities’.
British Cycling initially signed the 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.”
The banking firm’s withdrawal from the partnership coincides with the company’s recent financial losses last year. HSBC are expected to close down 27 banks in complete strategic reshuffling to reduce costs by £3.5 billion.
British Cycling will be hoping to secure a new main sponsor before the end of this year’s Olympics. However, it is unlikely that the organisation will find a deal as financially lucrative as the partnership with the banking firm.
Julie Harrington, chief executive of British Cycling, concluded: “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.”
HSBC were the British Cycling’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.
