Fri, 05 Jun 2020

HSBC cuts short British Cycling sponsorship deal

26 Feb 2020, 04:12 GMT+10

London - Banking giant HSBC will end its multi-million pound sponsorship of British Cycling four years early, it was announced on Tuesday.

HSBC, which last week said it was axing 35,000 jobs, has exercised a break clause in its contract, meaning it will terminate its deal at the end of 2020, four years into an eight-year deal.

But planned funding for this year's Tokyo Olympics, where the cycling team are forecast to be a major source of British medals, will remain in place.

British Cycling chief executive Julie Harrington said: "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 chief executive Ian Stuart added: "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."

British Cycling has faced a number of scandals in recent years.

In 2017 it apologised for "failings" following accusations of sexism and bullying. A review found that the organisation lacked good governance.

Former Team Sky and British Cycling senior doctor Richard Freeman faces an ongoing tribunal.

Freeman has admitted 18 charges brought against him by the General Medical Council relating to the ordering of testosterone gel to British Cycling headquarters in 2011 but contests four others.

Freeman denies the testosterone gel was intended for athletes' use.

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