Team Ineos confirms Team Sky takeover and will become new sponsor immediately
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.
Sir Jim 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."
Ratcliffe has a personal fortune of £21 billion and 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.
As Sir Bradley Wiggins surmised..
I would imagine this is someone who loves cycling and said, ‘I’m going to put my money in’. Much like Gerry Ryan [at Mitchelton-Scott] and a few of the other Australian millionaires who put their money in.
“So,
it’s an ideal situation for Dave [Brailsford] because he can continue running out this team with all his plans and philosophies and he’s answerable, you’d imagine, to one man who puts in the money, and it’ll certainly help that team.”
Wiggins added: “I think that would have impacted on the sponsor they have [gone with] as well.
Dave will want to retain control and it’s Dave’s way in terms of the way he manages the team, the way he’s set the team up and I think he would have been reluctant to have another multinational company that came in and wanted it for the advertisement, but would want the control in terms of, ‘This is how we’re going to do it in terms of how we advertise our company’. I think that would have been a big point for Dave which in some ways is an ideal situation.”