Every level of the sport is set to benefit from the investment, including Britain's elite team of world, Olympic and Paralympics cyclists to British Cycling's talent development programmes and grass roots initiatives in schools and local communities.

 

The partnership's announcement comes as the British team enters the final stages of preparation for next month's Beijing Olympics, when riders such as Bradley Wiggins (pictured), Chris Hoy and Victoria Pendleton are expected to lead a medals blitz.

 

The arrangement with Sky will provide increased support in the run-up towards the 2012 London Olympics and beyond.

 

In addition to its financial investment, Sky will use its marketing expertise and relationships with one in three families across the UK to help British Cycling to encourage participation in cycling for sport and leisure among people of all ages and abilities.

 

British cycling performance director David Brailsford said: "I believe this partnership will create a step change for cycling.

 

"Cycling is already one of Britain's sporting success stories, and this is a truly exciting opportunity to grow the sport even further.

 

"Sky is a committed and passionate partner for British Cycling. Working together, we can take elite cycling to new heights and get more people involved in the sport at all levels."

 

Sky Sports is also sponsoring the London Freewheel cycling event on September 21.

 

Londoners will be encouraged to get on their bikes and go for a ride through the city on that day. Roads will be shut off so people can ride passed famous landmarks like Big Ben and Trafalgar Square.

 

Sky chief executive Jeremy Darroch sid the company is committed to not only helping the likes of Chris Hoy, Victoria Pendleton, Bradley Wiggins and man of the moment Mark Cavendish achieve more glory, but also inspire a generation to take to their bikes.

 

He said: "Sport is at the heart of what we do at Sky, and it's not just what we do on screen.

 

"We want to encourage participation in sport and help to develop future talent.

 

"British Cycling has already achieved outstanding success and grown a host of sporting heroes.

 

"We want to help Britain's elite to achieve even more success, develop the next generation of talent and inspire millions of people to get on their bikes."

 

British Cycling president Brian Cookson said: "Sky's support presents a once-in-a-lifetime opportunity to transform our sport by building on our international success and using it to get more people cycling, more people engaged with the sport, more people belonging to British Cycling."