The Lotus-designed carbon fibre machine, along with the streamlined helmet Boardman wore at the Barcelona Olympics, are expected to fetch up to £8,000 when they are auctioned at Gateshead in Tyne and Wear at the weekend.

The bike was riden by Boardman at the 1992 Olympics

The bike will be among 500 lots of cycles and cycling memorabilia which are due to go under the hammer.

It the fourth sale held by Phillips International Auctioneers, but the first time that this specialist auction has been held in the north-east.

The curious shaped bike, on which Boardman also broke the world 4,000 metres record, was designed by Mike Burroughs and built by Lotus Engineering.

Symbol of achievement

Aidan Hetherington of Phillips said: "For cyclists and cycle collectors, this bicycle is the equivalent of Bobby Moore's 1966 World Cup medal.

"It is a symbol of British achievement on the world stage."

The bike together with its original frame bag, travelling crate and the streamlined helmet worn by Boardman, is expected to fetch between £4,000 and £8,000.

Also to be auctioned is one of the two reserve bikes Lotus produced for Boardman and the wind tunnel prototype used to perfect the final machine.