Jon Stevenson was hit by a motor vehicle at the five ways island near Hatton on Thursday and is currently being treated at University Hospital.
Mr Stevenson rides for Coventry-based elite team M.I Racing and is also the co-ordinator of the season long ‘Percy Stallard’ National Road Race series.
Team boss, Mick Ives, said: “This is a terrible accident involving one of the most experienced cyclists in the area.
“It has come at a time when Jon was about to start the new season with excellent form and some very high targets.
“We are hoping Jon recovers quickly as he will be greatly missed on the racing scene. Our thoughts go out to his family.”