HSBC to end British Cycling sponsorship after Tokyo 2020 Olympic Games
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'.
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