Great Britain Cycling Team Podium Programme athlete Sir Chris Hoy released the following statement to media, in response to in the Guardian.

"Today The Guardian published an article about my financial affairs. Although I would not normally speak about such matters in public, I regard the article to be misleading and as such I have felt compelled to respond.

To be clear, my income generating activities are organised through a UK registered tax paying company. This means that my financial affairs are transparent and in the public domain.

In 2010 I took a loan from my company, this was repaid in full in October 2011, a fact which The Guardian was not aware of. This is standard practice in most small companies in the country. Loan monies, as The Guardian points out, are liable for tax at a 25% rate. The dividends that I took to repay the loan were in fact taxed at the highest rate. Neither I nor my company disguise remuneration.

The article implies that my dividend reduction from one year to another is in some way relevant to the loan. This is wholly incorrect. I saw an opportunity to buy property and with the guidance of my advisers I borrowed money from my company to do so. The loan was subsequently repaid shortly thereafter (October 2011) by declaration of fully taxable dividends.

Everything I have done is as a UK resident, and is UK taxable and not offshore. Also, to be clear, my lottery funding, which I am very grateful for, stopped in October 2008, though I do still promote the national lottery as I benefit from its support of British Cycling's world class programme.

I am very proudly British and my responsibilities as a British sportsman do not stop once I step off the bike. I take my responsibilities as a taxpayer as seriously as I do as an athlete. I sincerely hope this misleading article does not affect the British support I know I will need to perform at my best in London."

Sir Chris Hoy