HSBC ends British Cycling deal four years early

25 Feb 2020

By: Sport Industry Group

British Cycling and HSBC UK will end their partnership early, at the close of the current Olympic and Paralympic year.

The multi-million pound partnership is currently in the fourth year of its original eight-year deal.

The governing body will now look to find a new partner in 2021 after the banking group decided to exercise a break clause due to 'a shift in UK marketing and partnership priorities'.

Last week, HSBC announced that its 2019 profits fell by around a third, and that as a result, it would axe 35,000 jobs.

Julie Harrington, CEO, British Cycling, said: “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. 

“Over the last 20 years, British Cycling has enjoyed extraordinary success - both in terms of winning on the global stage and in using that inspiration to encourage more people to cycle more often. We are an ambitious organisation with a proud tradition of setting and hitting big targets and we know that more people on bikes is the solution to many of society’s biggest challenges. As we look to 2021, we will be actively engaging the market to find a new partner to be part of the next stage of our exciting journey.” 

Ian Stuart, CEO, HSBC UK, said: “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.  

“2020 will be an exciting year for the sport, with Britain willing on our athletes to medals in Tokyo. It’s been a privilege to be involved in building the grassroots of a sport with such a fantastic future.”