Perry was thrilled to be leaving the board in good hands and was proud of his work in progressing the project. "I am incredibly proud of what has been achieved," he said.
"There were certainly challenges and adversity in the early days of the project but I think the Home of Cycling now speaks for itself.
"This is an incredibly unique environment where our community is inspired by our champions every single day."
Paterson praised Perry's contribution and was looking forward to taking up where he had let off.
"The Home of Cycling has delivered on every promise it made; it was delivered on time and on budget and has proved to be every bit the community facility it set out to become.
"It's a credit to Simon Perry's leadership and to the work of hundreds of others from around the region and the country."
"Cambridge is buzzing and it is wonderful to see the increased visitors and vibrancy the Avantidrome is bringing. I look forward guiding the Home of Cycling through its next exciting stages of development."