The British Cycling Events governing body has announced a long-term strategic partnership with sports marketing heavyweight IMG to support the long-term growth and sustainability of the federation’s events portfolio, and to generate new revenue to reinvest into the sport.

The six-year deal involves IMG providing its expertise in production, media rights distribution, commercial partnerships, digital marketing, and advisory services for British Cycling Events’ Lloyd’s Bank Tour of Britain events.

Additionally, IMG will provide strategic advisory services for British Cycling Events’ other events and operations.

The new agreement with Lloyds Bank was secured in partnership with IMG. It is a major, long-term commercial deal that makes the bank its lead partner.

The agreement has been called one of the largest such commercial deals in UK sport covering a national governing body, worth a reported £20 million ($25 million).

British Cycling chief executive Jon Dutton has said: “IMG are renowned across the world for being at the cutting edge of sport and entertainment, and this new long-term partnership signals the scale of our ambition to grow the reach of our events and unlock the true potential of our sport.

“We’re on the cusp of an exciting new chapter in British Cycling’s history, with a renewed purpose to bring the joy of cycling to everyone, and we believe that IMG’s world-leading insight and guidance will further accelerate our progress in the years ahead.”

Robbie Henchman, president of global partnerships at IMG, added: “The game-changing agreement with Lloyds Bank will help boost access to cycling through innovative events and concepts that have the potential to engage people of all ages in new and meaningful ways.”

“Through IMG’s global network and unparalleled expertise, we have the capabilities to help further reinvigorate the sport, attract new fans, and drive deeper engagement with its dedicated fan base, enabling British Cycling Events to extend its investment into cycling at all levels.”