Riis Cycling ends sponsorship negotiations with Tinkoff Bank
Today, Riis Cycling has decided to end its ongoing negotiations with Tinkoff Bank, a Co-Title sponsor since the 2012 Tour de France of the Danish-based World Tour team, relating to the extension of Tinkoff Bank’s sponsorship beyond the end of 2013.
Riis Cycling has concluded that the parties would be unlikely to agree terms that are in the mutual best interest of both Riis Cycling and Tinkoff Bank, and has therefore opted to pursue other options going forward.
“During the course of our extensive negotiations with Tinkoff Bank it has become clear that we are unable to settle on common views and the ideas that are necessary for our partnership to grow and be successful for both parties beyond 2013. Most importantly, we disagree on how the team should be run. For all of these reasons, I have decided to explore other possibilities and end the negotiations with Tinkoff Bank. I would like to thank Oleg Tinkov personally and Tinkoff Bank for their great contribution to the team. I look forward to working with Tinkoff Bank for the rest of 2013, and will also take this opportunity to wish them all the best for the future,” team owner Bjarne Riis stated.
This decision means that Riis Cycling with immediate effect will step up its search for new partners to replace Tinkoff Bank as from the end of 2013.
Saxo Bank, the leading trading and investment specialist, and a key partner of the cycling team since 2008, has committed to stay with Riis Cycling in 2014 and to help ensure the future of the team.
“We already have a strong portfolio of partners onboard, and our key partner Saxo Bank have told us that they are ready to continue their sponsorship in 2014 and are willing to help us find a solution that benefit all parties involved. So I’m confident we will be able to continue to field a strong and competitive team in the years to come,” Bjarne Riis added.