Welsh Cycling - now Beicio Cymru - lost £57k last year after being caught out by a large cyber fraud scam, with the loss not being covered by the national governing body’s insurance policy at the time.
Cycling Weekly has seen an email sent to members by Caroline Spanton, the organisation’s chief executive officer, in December 2023 which confirms the crime took place and states that the governing body's end of year deficit for 2022/23 almost doubled as a result.
