HSBC extends sponsorship with British Cycling to cover rescheduled Olympic & Paralympic Games

British Cycling and HSBC
British Cycling entered into an eight-year sponsorship deal with HSBC in 2017

HSBC has extended its sponsorship with British Cycling to cover the rescheduled Olympic and Paralympic Games in Tokyo.

The bank had announced that it would be ending the deal early, but coronavirus has since disrupted those plans.

The deal is understood to be worth £10m per Olympic cycle.

"I'm incredibly proud of what our two organisations have achieved. We have bold plans for 2021," GB Cycling chief executive Julie Harrington said.

The national lockdown sparked by the worldwide pandemic has seen a rise in people taking up cycling in the UK.

In turn, it helped HSBC and British Cycling surpass their target of getting two million more people on bikes by the end of 2020.

"HSBC will continue to help British Cycling to capitalise on the wave of enthusiasm for cycling as people return to work and school," Harrington added.

The original eight-year deal began in 2017 but HSBC exercised a break clause in its contract in February, curtailing the arrangement at the end of 2020.

The Tokyo Olympics will now take place from 23 July 2021, with the Paralympics scheduled for 24 August, after the original dates for this summer were postponed due to coronavirus.

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