Chris Hoy announces retirement

Chris Hoy's wife Sarra paid tribute to her partner on Twitter, writing:

Sarra, who married Hoy in Edinburgh in 2010, said they would be toasting his retirement later.She joked:

Britain's most decorated Olympian, Sir Chris Hoy, has described being "lucky" to be part of the London 2012 Olympics and said he will enjoy being a spectator at the 2014 Commonwealth Games in Glasgow.

British Cycling’s President Brian Cookson described Sir Chris Hoy's impact on the sport as "unparalleled" and said his achievements have inspired thousands of people to cycle.

Sir Chris Hoy said that the first thing he plans to do after retiring from competitive cycling was "to let it all sink in."

The 37-year-old told reporters said that in the immediate future he would be concentrating on his role as an ambassador for the youth Olympic bid for Glasgow for 2018 and for the Glasgow 24 team games next year.

He said he is also giving his time to Unicef and the Scottish Association for Mental Health and a range of other charities, as well as working on a range of bikes.

Sir Chris Hoy said he is stepping down today because it is time to let a younger rider shine.

He told reporters: "Nothing would have given me more pleasure than to continue on for another year, to be there in Glasgow to represent Scotland, to be part of the team.

"But I just feel that I don't want to be there just to make up the numbers I want to be there to be competitive and being objective about it I realise I got everything out in London, so I think it would be better to let a younger rider come through to give them chance to shine."