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UK-based petrochemicals company Ineos has confirmed its purchase of leading UCI World Tour cycling outfit Team Sky.
The new Team Ineos, reflecting their new title sponsor and owner, will be backed by the chemicals firm belonging to Britain's richest man, Sir Jim Ratcliffe.
Ratcliffe is worth UK£21 billion and has been in talks with Team Sky principal Sir Dave Brailsford for several weeks with those discussions culminating in a takeover launch to take place at the Tour de Yorkshire on 2nd May.
Ineos will become the sole owners of the team from 1st May and has vowed to fund all current commitments in full, honouring all contracts with riders, staff and partners.
Brailsford, who will continue in his role as team principal, said: “[This] 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 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.”
Ratcliffe, chairman and chief executive of Ineos, added: “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 Britain's largest privately owned company and in 2018 posted annual pre-tax profits of UK£2 billion. The chemicals company takes over ownership from broadcaster Sky after the latter announced in December that it would end its decade-long commitment to cycling at the end of 2019.
Under the Sky banner, the team have won eight Grand Tours, including four of the last six.
Team Sky have dominated the season’s marquee Tour de France in recent years, winning six of the past seven editions, while lead rider Chris Froome also won the 2017 Vuelta Espana and the 2018 Giro d'Italia.
However, that success has not come without controversy.
Froome, 33, had an anti-doping case brought against him and subsequently dropped by governing body the UCI, while former rider Bradley Wiggins has faced questions over his use of a medical exemption for hayfever medication.
The UK Anti-Doping Agency also conducted a 14-month investigation into a 'mystery package' delivered to then-team doctor Richard Freeman on the final day of Wiggins' successful Criterium du Dauphine bid in 2011.
Team Sky, Froome and Wiggins deny any wrongdoing in all three cases.
UK-based petrochemicals company Ineos has confirmed its purchase of leading UCI World Tour cycling outfit Team Sky.
The new Team Ineos, reflecting their new title sponsor and owner, will be backed by the chemicals firm belonging to Britain's richest man, Sir Jim Ratcliffe.
Ratcliffe is worth UK£21 billion and has been in talks with Team Sky principal Sir Dave Brailsford for several weeks with those discussions culminating in a takeover launch to take place at the Tour de Yorkshire on 2nd May.
Ineos will become the sole owners of the team from 1st May and has vowed to fund all current commitments in full, honouring all contracts with riders, staff and partners.
Brailsford, who will continue in his role as team principal, said: “[This] 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 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.”
Ratcliffe, chairman and chief executive of Ineos, added: “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 Britain's largest privately owned company and in 2018 posted annual pre-tax profits of UK£2 billion. The chemicals company takes over ownership from broadcaster Sky after the latter announced in December that it would end its decade-long commitment to cycling at the end of 2019.
Under the Sky banner, the team have won eight Grand Tours, including four of the last six.
Team Sky have dominated the season’s marquee Tour de France in recent years, winning six of the past seven editions, while lead rider Chris Froome also won the 2017 Vuelta Espana and the 2018 Giro d'Italia.
However, that success has not come without controversy.
Froome, 33, had an anti-doping case brought against him and subsequently dropped by governing body the UCI, while former rider Bradley Wiggins has faced questions over his use of a medical exemption for hayfever medication.
The UK Anti-Doping Agency also conducted a 14-month investigation into a 'mystery package' delivered to then-team doctor Richard Freeman on the final day of Wiggins' successful Criterium du Dauphine bid in 2011.
Team Sky, Froome and Wiggins deny any wrongdoing in all three cases.
