The highly-respected 48-year-old coach and administrator made the surprise announcement today.

"Bannan says he intends to remain involved with international cycling and will make an announcement in mid-January as to the nature of that involvement and his future plans," Cycling Australia stated in the release.

There is ongoing speculation about the formation of an Australian-based professional team.

Most recently, the Pegasus squad failed to gain a pro continental licence and their number one rider Robbie McEwen left to join Lance Armstrong's Radioshack.

Pegasus had little or no association with Cycling Australia.

Bannan oversaw Australia's domination of cycling at the Athens Olympics in 2004 where they won 10 medals, including six gold, and has also been in charge of the rebuilding since the spectacular fall from power at the Beijing Games in 2008 when they were usurped by Britain.

Bannan was a pivotal figure in Cycling Australia gaining a key sponsorship from long-time cycling supporter Jayco to help boost the national programme ahead of London 2012.

Current national technical director Kevin Tabotta will take Bannan's job and high performance manager Paul Brosnan will also have a revised role.

Tabotta and Brosnan will now run Cycling Australia's high performance programme into the London Olympics.

But Bannan will stay involved as Cycling Australia's European consultant and there is little doubt he will retain close links with their high performance programme.

"There's no way I would step out of my current role if I didn't think it was going to be beneficial for Australian cycling," he said.

"Paul and Kevin have displayed some fantastic qualities during their time in the high performance programme, it's really a great opportunity for those guys to display leadership."


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