British Cycling announce £20m five-year partnership with Lloyds Bank as chief hails 'landmark, game-changing deal'

British Cycling agreed the deal with Lloyds Bank, their first sponsor since 2021 They are set to seal 'one of the biggest deals in British sport in recent years' 

British Cycling have hailed 'one of the biggest deals in British sport in recent years' after agreeing a multi-million five-year partnership with Lloyds Bank.

The bank becomes the national governing body's first lead sponsor since 2021, when HSBC activated a break clause to cut short their eight-year agreement.

While British Cycling chief executive Jon Dutton refused to divulge the exact figure of the new deal, Mail Sport understands it is approaching £20million over the course of the five years, in a timely boost just two months out from the Paris Olympics.

'This is a landmark, game changing deal,' said Dutton. 'We can't disclose the exact amount but it is one of the biggest deals in British sport in recent years.

'We are in that ballpark of Premier League football and other deals. It is that significant.

The Tour of Britain is set to be saved amid the British Cycling's agreement with Lloyds Bank

'In terms of financial sustainability, that will take us a number of years, but a deal like today is a huge step in the right direction. It takes the pressure off the whole of the organisation.'

As well as being British Cycling's new lead partner, Lloyds Bank will also become the title sponsor of the new Tour of Britain events ahead of the women's race, which takes place in two weeks' time.

However, the governing body's controversial partnership with oil and gas giant Shell will continue despite pressure from riders and campaign groups to ditch it.

'Shell remain as one of our official partners,' said Dutton. 'On the GB kit, you will see both brands on jerseys and shorts.'

Lloyds will become British Cycling's first lead sponsor since losing the deal with HSBC in 2021

Dutton took over as chief executive 12 months ago after his predecessor Brian Facey resigned in 2022 following a string of controversies, including the sponsorship deal with Shell.

'The situation 12 months ago was difficult,' added Dutton. 'We have talked about some of the things that have happened in the past outside of our control.

'But we have moved on and this is a big step forward into a bright new future for British Cycling.'