HSBC have announced they will stop sponsoring British Cycling after the Tokyo 2020 Olympic Games.

The bank signed an eight-year deal with the national governing body in 2017, but have now confirmed they are utilising a break clause which will enable the partnership to come to a premature end.

According to the BBC, British Cycling boss Julie Harrington told members of the board the reason for HSBC dropping their sponsorship was due to a 'shift in its UK marketing and partnership priorities'.

It was revealed last week that HSBC are going to get rid of 35,000 jobs due to profits falling by around a third last year.

When the partnership between the bank and British Cycling was announced at the start of 2017, British Cycling chief executive Ian Drake described the move as a 'huge moment for cycling in Great Britain'.