Future of Team Sky secured after Ineos takes over
The future of Manchester based Team Sky has been secured after the cycling team was bought by manufacturing giant Ineos.
The future of the team, which has dominated the sport in recent years, was thrown into doubt when Sky pulled the plug on its multimillion pound sponsorship deal.
Ineos, which is led by Manchester born Sir Jim Ratcliffe, will become sole owner of the team from May.
Team Sky has won a series of honours thanks to the efforts of riders which have included Sir Bradley Wiggins, Chris Froome and Geraint Thomas.
The new owner will continue to fund the current team in full, honouring all existing commitments to riders, staff and partners.
The official launch of Team INEOS – which has been bought from Sky and 21st Century Fox – will take place at the Tour de Yorkshire on 2 May.
Sir Jim Ratcliffe said: “Cycling is a great endurance and tactical sport that is gaining ever more popularity around the world.
“Equally, cycling continues to mushroom for the general public as it is seen to be good for fitness and health, together with easing congestion and pollution in city environments.
“INEOS is delighted to take on the responsibility of running such a professional team.”
Jeremy Darroch, Sky group chief executive, added: “We are pleased that the team’s future has been secured under new ownership.
“This brings to a close Sky’s decade-long involvement with cycling, which has created unprecedented success and inspired millions more people to cycle regularly.
“I’d like to thank all members of Team Sky, past and present, for their contribution to our journey together.”
Sir Dave Brailsford, team principal, said: “This is great news for the team, for cycling fans and for the sport more widely.
“It ends the uncertainty around the team and the speed with which it has happened represents a huge vote of confidence in our future.
“In Sir Jim Ratcliffe and INEOS, I know that we have found the right partner whose vision, passion and pioneering spirit can lead us to even greater success on and off the bike.”