British Cycling chief executive Julie Harrington announced the news in a statement which outlined the measures the organisation are taking. 

The leadership team is set to take the pay cut in May and June. 

Around 90 members of staff have also been furloughed for April and May, with British Cycling offering such staff financial advice and access to learning and development tools. 

The organisation are expecting to lose around £4million ($5million/€4.5million) due to the pandemic. 

"The COVID-19 virus means every section of society is facing an unprecedented challenge, and sport is no different," Harrington said.

"For British Cycling, it meant suspending all our sanctioned activity, including the events registered with us. 

"That was the right decision and one taken to protect the health and well-being of everyone involved in what we do.

"British Cycling is a not-for-profit organisation with any revenue we generate invested into the sport. 

"Because a significant part of that revenue comes from events – including a proportion of entry fees and other associated payments which go towards administering the sport – and because the majority of cycling events take place over the spring and summer months, we are planning for a significant drop in income of around four million."

Despite the measures put in place, Harrington confirmed British Cycling's commitment to its employees, athletes, officials, volunteers and spectators. 

"Employees who are being furloughed are among those we will rely on to ensure our sport can return with strength and, while they cannot work for British Cycling during this period, they are still part of our team," she said.

"I know that today many people are discovering or rediscovering the benefits of cycling for transport and for exercise. 

"I also know that across the country there are many people who care deeply about our sport – volunteers, event organisers and officials, and others – who are looking forward to the day when organised cycling can return.

"I want to reiterate to all of them that British Cycling retains its commitment to working hard for our members, for our sport and for anyone who loves getting on a bike."

Pandemic measures were also announced today by the International Cycling Union, who have warned of a considerable loss of earnings for the organisation.

This follows the postponement of the Tokyo 2020 Olympic and Paralympic Games to next year, as well as the cancellation of numerous cycling events.