British Cycling and Shell: How HSBC pulling plug and COVID-19 hit governing body’s finances Organisation under fire this week after revealing new partner, but last couple of years have seen huge loss of income cycling
This week’s announcement by British Cycling of Shell UK as its new lead partner has been met with a backlash from many members, some taking to social media to say they are cancelling their membership, as well coming under criticism in the media and from environmental organisations.
In order to achieve that, it has aimed to grow revenue streams that it can generate itself, principally sponsorship and rights fees – reflecting income primarily from the lead sponsor but also from kit and equipment suppliers, as well as from broadcasters – plus income derived from membership fees and events.
A strong hint of just how much comes from the fact that income from sponsorship and rights fees leapt from £3.2 million in the 12 months to 31 March 2016, the last full financial year when Sky was lead sponsor, to £8.8 million in the year ended 31 March 2018, the first one to include a full 12 months of income from HSBC.
News that HSBC was to terminate its partnership four years early was immediately followed by the onset of the coronavirus pandemic which led to events being postponed and cancelled throughout that year and into 2021, and the impact of both can be seen in British Cycling’s accounts in recent years.From a high point of income from sponsorship and rights fees of £9.1 million in the year to 31 March 2019 – 27.
Could that also help explain why it was Shell – which British Cycling surely knew would provoke a backlash – that was named as the new bidder? That there was simply no other business around of the required stature able to provide sponsorship that is in any event likely to be well below the levels provided by HSBC between 2017 and 2020, with the times citing a figure of between £1 million and £1.
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