Cycling clothing manufacturer Rapha announced this May that it will be the title sponsor of the Lincoln Grand Prix beginning with the 2020 event.

The British race has been held since 1956 and consists of multiple laps around a circuit that includes the spectacular cobbled climb of Michaelgate in the heart of the city.

Earlier this year, however, organizers announced that they were facing a budget shortfall that may make it impossible to host the 2020 event.

Rapha, which provides clothing for the UCI Women's World Team Canyon-Slam and the Men's WorldTour team EF Pro Cycling, promised to be the title sponsor for the next two years. However, it is seeking to make the event more long-term in order to reduce its reliance on sponsorship, an issue identified as part of the Rapha roadmap (a study commissioned two years ago to examine the problems facing modern professional road racing).

"For the next two years Rapha will be the title sponsor of the Lincoln Grand Prix, but our sponsorship is just the start. We will use this race as a case study to conduct a practical investigation into how to secure a sustainable financial future for bicycle racing"

. [Working closely with the organizers, we will explore new revenue streams, such as the Lincoln Grand Prix merchandise produced by Rapha Custom. We will make mistakes, improve upon them, and document them all so that fans interested in the sport, as well as the financial model behind it, can gain insight," Rapha said.

Race organizer Dan Elmore, who has held the reins since 2015, said, "The Lincoln GP team is excited to be working with Rapha for the 2020 and 2021 events.

"It's great to have a brand like Rapha recognizing the importance of the event and helping us to keep it going.

Past winners of the men's competition include Malcolm Elliott, Brian Smith, Peter Kennaugh, and Scott Thwaites, while the women's competition, which has been held since 2016, has been won twice by Alice Barnes and Rebecca Darrell, respectively.

The 2020 edition of the men's and women's Rapha Lincoln Grand Prix will take place on Sunday, May 12.