British Cycling confirmed HSBC's multi-million pound sponsorship of the sport would conclude at the end of this year.

In a statement, British Cycling claimed HSBC, which recently announced the axing of 35,000 jobs worldwide, had decided to end the deal "due to a shift in UK marketing and partnership priorities".

According to reports, the sponsorship was worth £10 million ($13 million/€11.9 million) a year for British Cycling, which will look to find a new partner in 2021.

"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," said British Cycling chief executive Julie Harrington.

"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."

HSBC's decision marks a considerable blow for the sport in the country, with former British Olympic cyclist Callum Skinner admitting it posed a "major challenge" for the future.

British Cycling also announced a financial loss last year in its most recent accounts.

The organisation has faced several controversies in recent years, including being criticised for its governance and a case against former Team Sky and British Cycling team doctor Richard Freeman.

A medical tribunal looking to establish whether Freeman ordered testosterone in 2011 to enhance the performance of an athlete has been adjourned to the spring.