Cycling's leading teams have announced the creation of Velon - a UK-based joint venture intended to drive the future development and growth of the sport.
Team Sky principal Sir Dave Brailsford played a key role in the formation of the new group, which sees Sky team up with Belkin Pro Cycling, BMC Racing Team, Garmin-Sharp, Lampre-Merida, Lotto-Belisol, Omega Pharma-Quick-Step, Orica-GreenEDGE, Team Giant-Shimano, Tinkoff-Saxo and Trek Factory Racing.
Brailsford said: "Collaboration is the cornerstone to positive change and this is very exciting for professional cycling. It's a big step towards the sport reaching its full potential.
"The teams involved in creating Velon have come together with a powerful shared vision to optimise the sport and develop new ways for it to grow.
"If the teams unite and work collectively to make cycling better to watch and easier to understand, it's to everyone's benefit. It will encourage more fans to follow the sport."
Sir Dave Brailsford has left his role as British Cycling performance director, Press Association Sport understands.
Brailsford has led Britain's cyclists to an unprecedented period of success, with eight gold medals at the Beijing and London Olympics and has arguably been more influential than any other person in turning cycling into a mainstream sport in this country.
The 50-year-old Welshman also established Team Sky, winning the Tour de France through Sir Bradley Wiggins in 2012 and Chris Froome in 2013.
Now Brailsford has decided to concentrate on his role as Team Sky principal, leaving British Cycling looking for a new figurehead in the lead up to the Rio de Janeiro Olympics in two years' time.
British Cycling performance director and principal of Team Sky, Dave Brailsford, has received his knighthood today.
Sir David led Britain to eight cycling gold medals for a second successive Olympics and Team Sky to an historic one-two in the Tour de France.
He receives his knighthood for services to cycling and the 2012 Olympics and Paralympics.