Team Sky to become Team INEOS
“Sky and 21st Century Fox have agreed the sale of Team Sky to INEOS. INEOS will become the sole owners of Tour Racing Limited (the team’s holding company) from 1 May this year and will continue to fund the current team in full, honouring all existing commitments to riders, staff and partners.”
“The launch of Team INEOS will take place at the Tour de Yorkshire which starts in Doncaster on 2 May. The team will be making no further comment at this stage.”
The hugely successful team, founded in 2010 with the ambitious goal of securing a first Tour de France victory by a British cyclist within five years, have won eight Grand Tours since 2012.
Bradley Wiggins, four times winner Chris Froome and Geraint Thomas have all triumphed on the Tour de France with Sky. Froome also won the Vuelta a Espana and Giro d’Italia.
Wiggins said the deal could be an ideal partnership and bring peace of mind to the cast of top riders.
“There are a lot of big names in that team who would potentially have had to look for new sponsors and there’s limited places now with the amount of teams that have folded,” Wiggins said on his Eurosport show.
“I’m sure if that’s true and it all comes off, it’s signed and the money’s in the bank then I think that’ll be a big weight off the like of Geraint, Froome’s shoulders before they go into the Grand Tours really.”
Team Sky chief Dave Brailsford said: “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. 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, chief executive of the country’s largest private company, topped last year’s Sunday Times rich list with a net worth of £21 billion.
“Cycling is a great endurance and tactical sport that is gaining ever more popularity around the world,” said Ratcliffe.
“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.”
On the same day he is due to announce his takeover of Team Sky, he was also linked with a move to buy Premier League Chelsea FC from Russian billionaire Roman Abramovich, who has apparently put a £2.5bn asking price on the London club, according to The Times newspaper.
This would not be his first involvement in a major sport. Ratcliffe has already invested £110m in Britain’s America’s Cup sailing team heading up by four-times Olympic gold medalist Ben Ainsllie, who is bidding to end a 168-year wait for a British winner.
“I suppose it was the intriguing question of why, after 167 years of attempts, Britain still hadn’t managed to win this sailing event, given we’ve produced quite a lot of good sailors over the years, ruled the waves for a few centuries, and are really good at Formula One, which is a marriage of technology and sport,” said Ratcliffe.
