British Cycling is spinning out its events business into a new commercial entity and seeking a strategic investor to back it, as the sport’s national governing body aims to wring more cash out of races including the Tour of Britain.

Darren Henry, managing director of the new commercial arm British Cycling Ventures, told the Financial Times that outside investment would help “supercharge” growth by enabling British Cycling to generate more income from road, off-road, track and urban cycling competitions.

While private capital is flowing into European sports, British Cycling would become the first British Olympic federation to bring in outside capital. Henry pointed to opportunities to grow income through expanded hospitality and merchandise sales.