Tuesday 19 March 2019 15:16, UK
Britain's richest man Sir Jim Ratcliffe is to take control of Team Sky and immediately rebrand it with the name Team Ineos.
Ratcliffe, the 66-year-old billionaire boss of chemicals company Ineos, will reportedly pump up to £40m a year into the team, which will continue to be run by current principal Sir Dave Brailsford.
Sky announced in December that it would be terminating its reported £35m-a-year deal at the end of 2019 but Ratcliffe's investment will be "even greater", Sky Sports News has learned.
The announcement means the Team Sky name will cease to exist at the end of April with the rebranded Team Ineos taking part in the first Grand Tour of the year, May's Giro d'Italia. The Team Ineos launch will take place at the Tour de Yorkshire which starts in Doncaster on May 2.
Ratcliffe, chairman and chief executive of Ineos, 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."
Brailsford founded Team Sky in 2009 and has overseen a decade of unprecedented British success in Grand Tours with six wins in the Tour de France, one Giro d'Italia and one Vuelta a Espana.
Sir Bradley Wiggins claimed Team Sky's first Grand Tour when winning the Tour de France in 2012, with Chris Froome winning four Tours out of five between from 2013 and 2017 and Geraint Thomas successful last year - Froome also won the 2017 Vuelta and 2018 Giro.
"Today's announcement 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," Brailsford said.
"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. It heralds the start of a hugely exciting new chapter for us all as Team Ineos.
"I would like to personally thank Jeremy Darroch [Sky Group CEO], who over a decade ago had the vision to back us when others thought we were crazy. His support for the team through thick and thin has been remarkable and everyone at Team Sky thanks him for all he has done for our sport."
Ratcliffe has a personal fortune of £21bn and is a Manchester United fan who holds a season ticket at Chelsea.
He owns the FC Lausanne-Sport football club in Switzerland, where his company is based, and is backing Sir Ben Ainslie's Americas Cup 2021 bid to the tune of £110m - Ratcliffe has also been heavily linked with an attempt to buy Chelsea from Russian owner Roman Abramovich.
Jeremy Darroch, Sky Group CEO, said: "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. We wish the team and Ineos all the best for the future and look forward to watching the next chapter in the story."
