Premier League To Follow American Blueprint With Official Hall of Fame

The Premier League is to take the lead of major American sports and introduce a ‘Hall of Fame’, it has revealed today.

The official Hall of Fame will recognise and celebrate the exceptional skill and talent of players who have graced the competition since its inception in 1992.

Membership of the Premier League Hall of Fame will be the highest individual honour awarded to players by the League. The first two inductees to have their careers commemorated in the Premier League Hall of Fame will be revealed on Thursday 19 March.

A shortlist of nominees will also be announced at the same time, with fans invited to vote to help select the additional former players to join the Premier League Hall of Fame 2020.

“Since 1992, the Premier League has been home to world-class players who have defined generations and provided us with compelling football season after season,” Premier League Chief Executive Richard Masters said.

“A place in the Premier League Hall of Fame is reserved for the very best. It will be an occasion for our fans around the world to look back over the years and help us celebrate some truly exceptional playing careers.”

The Premier League Hall of Fame will be presented by Budweiser, official beer partner of the Premier League, for the duration of its multi-year partnership.

“We are passionate about football, and so are our consumers, so we couldn’t be prouder to celebrate the sport and the players’ legacies with the Premier League Hall of Fame,” said Steve Arkley, Global Vice President of Marketing, Budweiser.

To be eligible for the Premier League Hall of Fame, players must be retired, and only a player’s Premier League career is considered in their candidacy. Each inductee will receive a personalised medallion, engraved with the year of their induction.

The League will honour the first two inductees to the Premier League Hall of Fame at a special event on Thursday 19 March.

New Balance And NBA Announce Multi-Year Global Agreement

The National Basketball Association and New Balance Athletics, Inc. today announced a new multiyear agreement that will make the global athletic brand an official marketing partner of the NBA.

“New Balance officially re-entered basketball when NBA Finals MVP Kawhi Leonard walked on-court for the NBA All-Star Game in 2019,” said Chris Davis, Vice President of Global Marketing at New Balance.  “Now, one year later, we are excited to further solidify our position in the global basketball community by collaborating with the NBA as an official long term, strategic partner in order to continue to enhance our position as a leading athletic brand. This relationship ingrains New Balance into the NBA’s global presence, a fandom and culture that transcends sport and is significantly larger than the game of basketball.”

As New Balance continues its growth in the basketball category, the global NBA agreement offers the brand the ability to broaden its reach across the league and enhance consumer engagement with NBA fans around the world.  As part of the deal, New Balance will create authentic broadcast, digital and retail content featuring New Balance-sponsored athletes in their respective NBA uniforms and team logos.  The relationship will officially tip off with New Balance’s We Got Now global brand campaign featuring Leonard, airing during the Denver Nuggets at LA Clippers game on Friday, Feb. 28 at 10:30 p.m. ET on ESPN.

“We are excited to welcome New Balance to our family of global partners,” said Dan Rossomondo, NBA Senior Vice President, Media and Business Development.  “We look forward to working with New Balance as the brand develops its basketball footprint and continues to establish itself in the market with recent high-profile player signings and new products.”

New Balance launched Leonard’s first signature basketball shoe named the KAWHI during the 2020 NBA All-Star Game in Chicago.  In addition to Leonard, the New Balance Basketball roster features 2019 first-round NBA Draft pick Darius Bazley and 2016 first-round NBA Draft pick Dejounte Murray, who both wear the OMN1S basketball shoe.  For exclusive information on New Balance Basketball, follow @NewBalanceHoops on Instagram and Twitter.

Ben Pincus Replaces Murray Barnett At Formula 1

Murray Barnett will be leaving his position as Director of Sponsorship and Commercial Partnerships at Formula 1 at the end of the week, to be replaced by Heineken’s Ben Pincus.

Murray joined Formula 1 in April 2017 following Liberty Media’s acquisition of the sport in January that year with the responsibility for building the sport’s global sponsor sales division and targeting new commercial opportunities across all platforms.

Since 2017 Formula 1 has transformed its commercial operations from a predominantly motor sport company to a leading global media and entertainment brand. Murray has played a crucial role in the changes and building a world class partnership team within F1 that will continue to serve our sponsors to the highest standard and cultivate new partnership opportunities.

Under his leadership, the partnerships team have successfully brought new partners to the business, including Petronas, New Balance, AWS, Carbon Champagne, Cyber 1, Liqui Moly, Marelli, Dubai Expo 2020 and 188 Bet as well as renewing Formula 1’s Global Partnerships with Emirates, Singapore Airlines and Pirelli in addition to extending the partnership with DHL. Furthermore, there are a number of exciting developments in F1 partnerships to be announced in the near future that Murray and his team have been working on in recent months.

Murray will officially leave Formula 1 on 28th February and Ben Pincus will become the new Director of Commercial Partnerships following Murray Barnett’s decision to step down from the role after three years.

Chase Carey, Chairman and CEO, Formula 1®, said: “I want to thank Murray for his hard work over the past three years in welcoming new partners to Formula 1 and delivering the best for our existing partners.

“He joined us right at the start of our Formula 1 journey in 2017 and has been a big part of the team that has transformed Formula 1 into a leading global media and entertainment brand. He has built a focused and talented team that will continue to drive us forward as a business and I want to wish him well as he moves on to new challenges.”

Ben Pincus, Director of Commercial Partnerships at Formula 1, said: “I am excited to start this new chapter in my career in the sport I know and believe in. Formula 1 offers brands value that other international sports platforms cannot compete with, and for that reason I’m looking forward to being a part of its commercial future.”

Ben will join Formula 1 on 2nd March 2020 and will report directly to Formula 1’s Chairman and CEO, Chase Carey.

He joins from Formula 1’s Global Partner Heineken International, where for the last three and half years he managed their highly successful worldwide sponsorship team and partnership with Formula 1.

Ben brings a wealth of experience of successfully marrying global brands to international sponsorships within Formula 1, having led several agencies in London, Frankfurt and Singapore that have been responsible for introducing Schweppes, Canon, Sun Microsystems and SAP to the sport.

In addition to his Formula 1 partnership experience, Ben previously ran sponsorships in European Football, International Golf, Tennis and Sailing for Visa, Coca-Cola, Sony PlayStation and Heineken.

 

Bob Iger Steps Down As Disney CEO, Immediate Replacement Announced

The Walt Disney Company’s Board of Directors has revealed that Bob Chapek has been named Chief Executive Officer, The Walt Disney Company, effective immediately.

Bob Iger assumes the role of Executive Chairman and will direct the Company’s creative endeavors, while leading the Board and providing the full benefit of his experience, leadership and guidance to ensure a smooth and successful transition through the end of his contract on Dec. 31, 2021.

“With the successful launch of Disney’s direct-to-consumer businesses and the integration of Twenty-First Century Fox well underway, I believe this is the optimal time to transition to a new CEO,” Iger said. “I have the utmost confidence in Bob and look forward to working closely with him over the next 22 months as he assumes this new role and delves deeper into Disney’s multifaceted global businesses and operations, while I continue to focus on the Company’s creative endeavors.”

He added: “Bob will be the seventh CEO in Disney’s nearly 100-year history, and he has proven himself exceptionally qualified to lead the Company into its next century. Throughout his career, Bob has led with integrity and conviction, always respecting Disney’s rich legacy while at the same time taking smart, innovative risks for the future. His success over the past 27 years reflects his visionary leadership and the strong business growth and stellar results he has consistently achieved in his roles at Parks, Consumer Products and the Studio. Under Bob’s leadership as CEO, our portfolio of great businesses and our amazing and talented people will continue to serve the Company and its shareholders well for years to come.”

“I am incredibly honored and humbled to assume the role of CEO of what I truly believe is the greatest company in the world, and to lead our exceptionally talented and dedicated cast members and employees,” Chapek said. “Bob Iger has built Disney into the most admired and successful media and entertainment company, and I have been lucky to enjoy a front-row seat as a member of his leadership team. I share his commitment to creative excellence, technological innovation and international expansion, and I will continue to embrace these same strategic pillars going forward. Everything we have achieved thus far serves as a solid foundation for further creative storytelling, bold innovation and thoughtful risk-taking.”

Susan Arnold, independent Lead Director of the Disney Board, said, “The Board has been actively engaged in succession planning for the past several years, and after consideration of internal and external candidates, we unanimously elected Bob Chapek as the next CEO of The Walt Disney Company. Mr. Chapek has shown outstanding leadership and a proven ability to deliver strong results across a wide array of businesses, and his tremendous understanding of the breadth and depth of the Company and appreciation for the special connection between Disney and its consumers makes him the perfect choice as the next CEO.

“Mr. Chapek will also benefit from the guidance of one of the world’s most esteemed and successful business leaders, Bob Iger,” Ms. Arnold continued. “Over the past 15 years as CEO, Mr. Iger has transformed The Walt Disney Company, building on the Company’s history of great storytelling with the acquisitions of Pixar, Marvel, Lucasfilm and Twenty-First Century Fox and increasing the Company’s market capitalization fivefold. Disney has reached unparalleled financial and creative heights thanks to Mr. Iger’s strong leadership and clear strategic vision. We believe Mr. Chapek’s leadership and commitment to this strategy will ensure that the Company continues to create significant value for our shareholders in the years ahead.”

In Mr. Chapek’s new role as CEO, he will directly oversee all of the Company’s business segments and corporate functions. Mr. Chapek will report to the Executive Chairman, Mr. Iger, and the Board of Directors. He will be appointed to the Board at a later date. A new head of Disney Parks, Experiences and Products will be named at a future time.

Mr. Chapek served as Chairman of Disney Parks, Experiences and Products since the segment’s creation in 2018, and prior to that was Chairman of Walt Disney Parks and Resorts since 2015.

As Chairman of Disney Parks, Experiences and Products, Mr. Chapek oversaw the Company’s largest business segment, with operations around the globe and more than 170,000 employees worldwide. The segment includes Disney’s iconic travel and leisure businesses, encompassing six resort destinations in the United States, Europe and Asia, a top-rated cruise line, a popular vacation ownership program, and an award-winning guided family adventure business. Disney’s global consumer products operations include the world’s leading licensing business across toys, apparel, home goods, digital games and apps, the world’s largest children’s print publisher, Disney store locations around the world, and the shopDisney e-commerce platform.

During his tenure at the Parks segment, Mr. Chapek oversaw the opening of Disney’s first theme park and resort in mainland China, Shanghai Disney Resort; the addition of numerous guest offerings across Disney’s six resort destinations in the U.S., Europe and Asia, including the creation of the new Star Wars: Galaxy’s Edge lands at Disneyland and Walt Disney World and the addition of Marvel-inspired attractions around the globe; and the expansion of Disney Cruise Line with the announced construction of three new ships.

From 2011 to 2015, Mr. Chapek was President of the former Disney Consumer Products segment, where he drove the technology-led transformation of the Company’s consumer products, retail and publishing operations. Prior to that, he served as President of Distribution for The Walt Disney Studios and was responsible for overseeing the Studios’ overall content distribution strategy across multiple platforms including theatrical exhibition, home entertainment, pay TV, digital entertainment and new media. He also served as President of Walt Disney Studios Home Entertainment, where he spearheaded the successful “vault strategy” for the Company’s iconic films and transformed the primary format of home entertainment from DVD to Blu-ray.

Searchlight Capital Partners And ForgeLight To Acquire Majority Stake In Univision

Univision Holdings, Inc., a leading media company in the United States, Searchlight Capital Partners, LP, a global private investment firm, and ForgeLight LLC, an operating and investment company focused on the media and consumer technology sectors, today announced a definitive agreement in which Searchlight and ForgeLight will acquire a majority ownership interest in Univision from all stockholders of Univision other than Grupo Televisa, S.A.B. (“Televisa”). Terms of the transaction were not disclosed.

Televisa, a leading media company in the Spanish-speaking world, has elected to retain its approximate 36 percent stake in Univision’s fully diluted equity capital on an as converted basis. Televisa’s Program License Agreement with Univision will remain in effect and will not expire unless Televisa voluntarily sells down a substantial portion of its ownership stake, at which point the agreement would remain in place for an additional 7.5 years. The agreement, which is one of Univision’s most strategic assets, provides the company exclusive access to the largest Spanish-language video library in the world.

Under the terms of the acquisition, Searchlight and ForgeLight will purchase the remaining 64 percent ownership interest from the other stockholders of Univision, led by an investor group including Madison Dearborn Partners, Providence Equity Partners, TPG, Thomas H. Lee Partners and Saban Capital Group (“the Sponsor Group”). Searchlight and ForgeLight will partner closely with Televisa and Wade Davis, founder of ForgeLight, who will become CEO of Univision upon close of the transaction. The transaction, which is subject to customary closing conditions including receipt of regulatory approvals, is expected to close later this year.

Univision is the most recognized and trusted brand among U.S. Hispanics, providing best-in-class, culturally relevant media anytime, anywhere via its multi-content platform. Univision is a top destination for national and local Spanish-language news, sports and entertainment, and operates a leading Hispanic radio network and Latin music media platform. On average, Univision News reaches nearly five million Hispanic Adult 18-49 viewers weekly, out-delivering its English-language broadcast (+34%) and cable network (+89%) competition by double-digit audience advantages. Univision’s successful platform allows advertisers and multichannel programming distributors to reach one of the fastest-growing demographics in the U.S., young Spanish-speakers, in their own language.

Univision has performed strongly and consistently, with recent highlights including:

  • Univision ranked among top five broadcast networks in primetime with Hispanic adults 18-49 for the 16th consecutive year
  • In the fourth quarter, Univision had the fastest growing portfolio of networks in prime time, regardless of language, among the top-10 U.S. media holders
  • UniMás, Univision’s second broadcast network, boasts 41% prime time audience growth season to date versus prior period
  • In 2019, Univision aired 61 of the top 100 soccer matches—over half of all soccer viewed in the United States—and is the undisputed home of soccer in the U.S., regardless of language

Televisa has been a key strategic partner to Univision for decades. This relationship provides Univision with the exclusive U.S. broadcast and digital rights (with limited exceptions) to all of Televisa’s programming including premium Spanish-language dramas, sports, sitcoms, reality series, entertainment talk programming and feature films. Televisa will serve as an important partner to the new ownership and management team going forward.

The combination of Searchlight’s experience as a long-term investor in the media and communications sectors, Davis’ experience managing the growth and transformation of large-scale media enterprises, and Televisa’s continued support as a leading producer of Spanish-language content, creates the opportunity for Univision to enter a new era of growth and innovation. Together, the new ownership group intends to build on Univision’s recent content and programming momentum to accelerate growth, expand its portfolio of advertising products, substantially enhance its digital presence and continue to use best-in-class Televisa content.

Vince Sadusky, Chief Executive Officer of Univision, said, “We are a re-energized and refocused company, and today marks the start of an exciting new chapter with partners that recognize the excellent position Univision is in. I want to thank our talented employees for their hard work and dedication—I’m so proud of everything we have accomplished that has led us to this great outcome. Both Searchlight and Wade are wholly supportive of Univision’s core mission to entertain, inform and empower Hispanic America and fully embrace the commitment and special bond we have with our audience. Our talented operating team has transformed Univision to be strategically, operationally and financially stronger than it has been in years. We have made important moves—strengthened programming, secured many major distribution deals, closed our strongest Upfront in four years, divested non-core assets, and enhanced our news, sports, local and digital offerings. Our partnership with Televisa has never been stronger and continues to create an unstoppable, world-class content machine, as evidenced by Univision being one of only two broadcast groups to grow viewership this season. Our Latin Grammy Awards and Premio Lo Nuestro are the only major award shows on broadcast television delivering year-over-year audience growth, and just last week Premio Lo Nuestro beat every network in prime time.”

Sadusky continued, “We are also appreciative of the years of leadership and guidance from Chairman Haim Saban along with the other sponsors, including Madison Dearborn Partners, Providence Equity Partners, TPG and Thomas H. Lee Partners, which have been supportive stewards of our business and mission. I remain committed to leading the company and supporting a smooth and successful transition over the coming months to ensure Univision is best positioned for the future ahead.”

Eric Zinterhofer, Founding Partner of Searchlight, said, “Univision has a proven track record of success in reaching and serving the U.S. Hispanic community, who represent 1 in 5 Americans and growing. Most recently, Univision and its talented employees have made great strides under the leadership of Vince Sadusky and the stewardship of Chairman Haim Saban and the full Sponsor Group. The strong support of Televisa, a premier content producer in the Spanish speaking world, and Wade Davis, a proven executive in areas which include advanced advertising and digital distribution, further enhances our confidence in Univision’s bright future.”

Davis, CEO and Founder of ForgeLight said, “First, I would like to thank the Sponsor Group for their work to bring Univision to where it is today and for choosing us to take the company forward. I am proud to partner with Searchlight and Televisa to lead Univision at such an exciting point in its history. Univision’s leadership and connection with one of the most important audiences in the U.S. today creates an amazing platform to drive innovation, build market-defining content and create an even deeper relationship with its audience. Vince and the entire Univision team have done an outstanding job of refocusing the company over the past 18 months, which has further enhanced the company’s position as a market leader in Spanish-language media and created this incredible opportunity going forward.”

Watford Sign American Airlines As Official Airline Partner

Watford Football Club is delighted to announce American Airlines as its Official Airline Partner for the 2019/20 season.

The partnership will enable the Hornets to engage with a significant number of American Airlines customers worldwide, with the football club’s own content and highlights being placed on the flight entertainment systems and in the on-flight magazine.

Furthermore, American Airlines will be able to engage with millions of football fans across the globe as part of the partnership with the Premier League team, with their branding on the club’s digital advertising, which can be seen in more than 193 countries.

Tom Lattig, Managing Director for EMEA Sales at American Airlines, said: “It is our shared purpose at American Airlines to connect people from all over the world on life’s journey. Whether we’re flying fans to a game or promoting the club’s highlights onboard our flights, our 130,000-strong team are delighted to be the Official Airline Partner of Watford Football Club.”

Watford FC Chairman Scott Duxbury added: “We’ve been delighted to meet Tom and his team in agreeing this partnership. It’s clear they have an ambition to be different and succeed in their industry, so our aims are similar in that respect. I hope this marks the start of a long and mutually beneficial relationship.”

16 European Leagues Extends Partnership With Data Providers Genius Sports, Sportradar And Stats Perform

On behalf of its members, The Association of European Professional Football Leagues and its data partners Genius Sports, Sportradar and Stats Perform are pleased to announce a second multi-league agreement for an additional three seasons ending in 2022, which marks the continuation of an initial cooperation that began in 2017.

The agreements now include sixteen (16) professional football leagues, as listed below:

  • The Austrian Bundesliga
  • Belgium Pro League
  • Czech Ligová Fotbalová Asociace
  • Danish Divisionsforeningen
  • Finnish Football League Association
  • Greek Super League
  • Israeli Professional Football League
  • Professional Football League of Kazakhstan
  • Latvian Football Virsliga
  • Dutch Eredivisie
  • Norwegian Toppfotball
  • Liga Portugal
  • Romanian Liga Profesionista de Fotbal
  • Serbian Super Liga
  • Swedish Föreningen Elitfotboll
  • Swiss Football League

The non-exclusive agreements give the sixteen leagues’ official betting data partners access to optimal, secure positions in-stadia for the live collection of fast data. This allows them to offer the most accurate and reliable data services to their betting operator customers.

Jacco Swart, Managing Director – European Leagues: “This partnership captures one of the key aims of the European Leagues when it comes to providing valuable and innovative services to our member leagues. The European Leagues are uniquely positioned to take advantage of opportunities such as these and we look forward to continuing to support the development of our members in relation to league business development. I’m delighted that we have not only being able to continue the relationship we have developed with these companies but that the number of leagues participating in this collective commercial project increased significantly which is the best proof that this approach functions.”

Steven Burton, Managing Director – Genius Sports, said: “This expanded partnership with the European Leagues outlines our commitment to providing sports with a fair and transparent return from betting on their games. Each of the leagues included in this agreement has control over how their data is collected and distributed, affording vital visibility to safeguard their competitions.”

David Lampitt, Managing Director Sports Partnerships – Sportradar: “Sportradar is very pleased to partner with the European Leagues given the progressive approach they have adopted for this deal. We view cooperation as key to the integrity, growth and sustainability of global sport, and we look forward to continuing to work together in an open, transparent and collaborative manner for the benefit of the leagues.”

Alex Rice, Chief Rights Officer – Stats Perform: “Stats Perform is delighted to continue and expand our official betting data partnership with European Leagues. The transparent and progressive approach taken by European Leagues, provides value and security for the member leagues and ensures the collection and distribution of high-quality fast data with the utmost integrity, for premium in-play betting experiences.”

The European Leagues look forward over the coming years to further deepening our relationship with Genius Sports, Sportradar, and Stats Perform in areas related to, for example, the protection and use of official league data in new and innovative ways.

MLS Partners With Second Spectrum On Advanced Tracking Data System

Major League Soccer announced on Wednesday a multi-year partnership with Second Spectrum, which becomes MLS’s first official advanced tracking data provider. Beginning with the 2020 season, Second Spectrum will put its proprietary optical tracking system to work for every MLS match.

As part of this process, Second Spectrum installed optical tracking systems in every MLS stadium during the offseason. Leveraging these cameras and a cloud-based analytics engine, Second Spectrum captures data on the location of every player, the referees, and the ball 25 times per second.

Second Spectrum uses machine learning and artificial intelligence to process the collected data, and can calculate a player’s speed, acceleration, deceleration, and shot velocity, as well as advanced statistics like passing probability and expected goals, in near real-time.

In addition to new statistical content that will be showcased throughout the season, fans will also see the new metrics and data visualizations come to life in new enhanced highlights that will be showcased throughout the season on MLSsoccer.com and the official MLS app.

As the season progresses this new tracking data will be integrated into MLS match broadcasts.

MLS club technical staffs will also use the new software to scout and track player performance. The Second Spectrum system will provide data visualization technology, customized reports, enhanced video tools and more for coaches, data scientists and video analysts.

“We’re incredibly excited to partner with MLS and its teams,” Second Spectrum CEO Rajiv Maheswaran said in a statement. “The combination of our new technologies and capabilities with a forward-thinking organization like MLS creates an exciting future of continued growth and innovation together.”

The wide-ranging partnership encompasses all MLS matches, including Audi MLS Cup Playoffs, MLS Cup and the MLS All-Star Game presented by Target, as well as Leagues Cup and Campeones Cup matches – the annual competitions between MLS and Liga MX.

“MLS’s partnership with Second Spectrum sets a new standard for innovation in player-tracking in soccer,” Chris Schlosser, MLS SVP of Media said in a league statement. “Along with Second Spectrum, MLS will deliver an enhanced new fan experience, bringing innovation to MLS content, while providing MLS clubs and technical staff with new tools to enhance player performance.”

“Five To Ten Years” For US To Become A Meaningful Formula 1 Market, Says CEO Carey

F1 CEO Chase Carey has said that it will take at least ‘Five to ten years’ for Formula 1 to become a meaningful market within the United States.

He also admitted there had been some frustration at the difficulty trying to bring a second F1 race to America with constant difficulties in attempting to secure a Miami Grand Prix.

“We knew the US was going to take time. On one level, yes, it is clearly taking longer than we would have hoped. I think it’s frustrating on one level because we’ve spent as much time and there seems to be always some degree of ongoing complexity,” Carey told Autosport.

“I think the reality is that the US for us, to really build it, it’s a five-year-plus timeframe. We said all along the US isn’t going to change our world in two to three years. The goal is really in five to ten years from now, the US becomes a meaningful market for us. In that context, 12 months it isn’t that big a deal, but that doesn’t mean it’s not frustrating as you continue to go through it.”

“I know the Penskes, I’ve had contact with the Penskes, I knew them before they bought Indianapolis. But again I probably wouldn’t comment on conversations. I’m aware of the interest,” Carey added, speaking about the possibility of attempting to move to Roger Penske’s recently acquired Indianapolis Motor Speedway instead of Miami.

“It’s obviously an iconic track for world racing. It’s part of the Triple Crown: Monaco, Le Mans and Indy. So it speaks to what that track means. It’s a special track for the motorsports world.”

HSBC To End Partnership With British Cycling Four Years Ahead Of Schedule

British Cycling and HSBC UK will end our partnership at the close of this Olympic and Paralympic year, concluding a project which has inspired millions of people across the country to get active by getting on their bikes.

The deal had been set for eight years, however, HSBC have opted to use the break clause that was involved in the contract.

In 2016, the partnership set an ambitious target of getting two million people cycling by the end of 2020 and we are on course to exceed that milestone.

Last year alone, some 525,000 people took part in our programmes HSBC UK Let’s Ride, HSBC UK Go Ride, HSBC UK Breeze and HSBC UK Ready Set Ride.

HSBC UK has decided to exercise a break clause in what was an eight-year partnership agreement due to a shift in UK marketing and partnership priorities.

Julie Harrington, chief executive of British Cycling, said: “On course to get over two million people cycling regularly, 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, chief executive of 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.”