Presenting duo Sue Perkins and Mel Giedroyc will not return to host the Great British Bake Off when it moves to Channel 4, a spokeswoman confirmed.
The duo have fronted the show since it first aired on BBC2 in 2010, alongside judges Mary Berry and Paul Hollywood.
A joint statement said: “We were very shocked and saddened to learn yesterday evening that Bake Off will be moving from its home. We made no secret of our desire for the show to remain where it was.
“The BBC nurtured the show from its infancy and helped give it its distinctive warmth and charm, growing it from an audience of two million to nearly 15 at its peak.
“We’ve had the most amazing time on Bake Off, and have loved seeing it rise and rise like a pair of yeasted Latvian baps.
“We’re not going with the dough. We wish all the future bakers every success.”
On Monday the BBC said it would love to have kept Bake Off, but it had not been able to afford it.
According to BBC News, the corporation is believed to have offered Love Productions, the producers of the popular baking programme, £15 million per year to keep the show.
This amount fell £10 million short of what the corporation would need to retain the show on BBC One, it was reported.
Channel 4 has signed a three-year agreement with Love Productions.
Following the news on Monday night, Perkins re-tweeted the official statement from the BBC.
The BBC said: “Working with Love Productions, we have grown and nurtured the programme over seven series and created the huge hit it is today.
“We made a very strong offer to keep the show but we are a considerable distance apart on the money.
“The BBC’s resources are not infinite. GBBO is a quintessentially BBC programme.”
The two presenters have been a formidable team, with their “good cop, bad cop” approach and their many double entendres.
Their innuendo-laced references to things such as soggy bottoms and hot baps, as well as comments such as “You have got two hours to pop Mary’s cherry...” have been a hit with viewers.
The pair also presented Channel 4’s comedy talk show, Light Lunch, together from 1997-1998.
They went on to host ITV’s panel game show, Casting Couch, and also appeared on Channel 4’s breakfast TV show RI:SE