British Cycling membership has decreased by over 8% this year, but the governing body believes that it has “started to cultivate seeds of growth” as it has its first financial surplus in five years.
The Federation published its annual report and financial statements for the year ending 31 March 2025, which revealed that membership numbers had fallen from 128,663 to 117,475.
However, it also reveals a 1.6% increase in membership income.
In addition, revenue from sponsorship and rights fees has increased by £2.8m, from £2.52m in 2024 to £5.33m. This includes the new long-term partnership in which Lloyds Bank became the Lead Partner, as well as new partnerships with Elixrr, ALE, Kettle, Coral Eyewear and CSW.
Other partnerships, such as the controversial deal with Shell that led to a drop in memberships, have also contributed to this.
Brandalism Shell and British Cycling ad (Brandalism) (credit: road.cc)
Partnership income, from public sector funding in addition to Sport England and UK Sport has also increased by £1.1m. This is largely due to the £1.38m generated from the Lloyds Tour of Britain Men and Women 2024 events.
The chair, Frank Slevin, said: “I am proud to report that we have continued to weather harsh economic storms and have started to cultivate seeds of growth, with the Federation generating a surplus for the first time since 2020/21.
“This growth can be attributed to an innovative new commercial strategy which has marked a new era of relevance and resonance for British Cycling.
“It has helped to unlock our game-changing partnership with Lloyds and a raft of new partners, whilst also driving an increase in Membership revenue for the first time since Covid, thanks to our new, modernised proposition.”
The governing body has a new company structure, which is broken down into three elements. This includes British Cycling, which is the not-for-profit Federation governed by the British Cycling Board.
Katy Marchant, Sophie Capewell, Emma Finucane after winning gold medal in Women’s Team Sprint, 2024 Paris Olympics (Alex Whitehead/SWpix.com) (credit: road.cc)
The Great British Cycling Team won a total of 33 Olympic and Paralympic medals from Paris 2024, and rainbow jerseys from around the globe. The report said that they had a “incredibly positive ‘winning but winning well’ sentiment embedded across the whole team.”
They have also been leading work on developing concussion protocol, maternity and post-partum support and a women-specific back pain project.
Another element is British Cycling Events, which is the commercial entity which delivers events such as the Lloyds Tour of Britian Men and Women.
Geraint Thomas during his final race, Cardiff, 2025 Tour of Britain (credit: Simon Wilkinson/SWpix.com)
They made a deficit this year, but the report claims that it “is part of our investment to grow our sport”.
The final element is the British Cycling Foundation, which is the independent charitable arm, which is “a gateway to better health, stronger communities, and a brighter future”.
Jon Dutton OBE, the CEO said: “This year has been a testament to our resilience, innovation, and unwavering commitment to bringing the joy of cycling to everyone.
“Despite a challenging economic landscape, our collective efforts have yielded remarkable achievements, both on and off the field of play.
“Our ambitious ‘programme of change’ which set out to modernise the organisation has not only strengthened our financial position but has paved the way for sustainable growth and development.
British Cycling competition framework (credit: British Cycling)
“We have successfully increased the proportion of our commercially generated income, with Lloyds and out wider family of partners supporting the ambitions of our long-term major events vision and social impact programme which is unmatched to that of any other sporting body.”
“Without challenge there is no achievement and together, we will continue to pedal towards a positive and prosperous future.”