British Cycling has extended its sponsorship agreement with Sky for a further four years, with the national governing body’s chief executive, Ian Drake, hailing the relationship with the broadcaster as “a key factor in cycling’s phenomenal success story”.

“I’m delighted that Sky has committed to working with us for a further four year period,” said Drake. “The unique nature of our partnership with Sky has been a key factor in cycling’s phenomenal success story, perfectly complementing the support we receive from UK Sport and Sport England.”

The cash boost provided by Sky has played a major part in Great Britain’s success at elite level, according to Drake. Sky will continue to back British Cycling’s road, track, mountain bike and BMX programmes, alongside its sponsorship deal with Team Sky, which is due to expire at the end of 2013.

“The growth of our sport over the past four years has been amazing,” said Drake. “Not only have our Olympic and Paralympic riders continued to deliver on the world stage, but we’ve also seen the emergence of Team Sky as a force on the road scene.”

Sky’s partnership with British Cycling has reportedly helped 700,000 more people across the UK take to two wheels regularly (defined as at least once a month or 12 times per year) through the Sky Ride campaign and Drake underlined the importance of increasing participation in the sport.

“Being a world leading cycling nation isn’t just about winning medals – it’s also about inspiring everyone to get on a bike, from the playground right through to the podium,” he added. “That’s exactly what initiatives like Sky Ride have achieved and we’re well on track to reaching our target of getting one million more people cycling by 2013.

“I’m proud of what we have achieved through our partnership with Sky, and I look forward to delivering even greater success over the next few years.”