Other website sections

»Sports Market Reports

»Sports Jobs

»Tenders

»Directory

»Conferences

Riis Cycling has been boosted by the news that the signing of Tour de France champion Alberto Contador appears to have prompted Saxo Bank into a U-turn on its decision to end its sponsorship of the team.

Andy and Frank Schleck announced last week that they would be leaving the Danish International Cycling Union (UCI) ProTour team at the end of the season.

But Bjarne Riis, owner and manager of Riis Cycling, revealed the capture of three-time Tour winner Contador on a two-year contract – a deal that seems to have led to a rethink by Saxo Bank.

Following the announcement during last month’s Tour de France that SunGard had agreed to become co-title sponsor for the next two years, Saxo Bank will now become the other co-title sponsor in 2011. The team will now be called Saxo Bank-SunGard Professional Cycling Team.

Riis said: “With these two companies committed to the team, we have a solid financial foundation for the future. Saxo Bank and SunGard have ensured that the team can continue its essential role within the world of cycling and will be able to maintain competing at the highest level.

“With Saxo Bank and SunGard as two strong backers, our future looks very bright. I am grateful for their commitment and I am confident that this will be mutually beneficial to all involved.”

Saxo Bank had announced in January that it would end its title sponsorship a year early, at the end of the 2010 season.

However, Kim Fournais and Lars Seier Christensen, co-chief executives of Saxo Bank, added in a joint statement: “Bjarne Riis has delivered excellent results over the past couple of years and has an impressive plan for 2011.

“We believe it's important to recognise an unprecedented opportunity when you see one and therefore, we have decided to continue our sponsorship for one more year.

“At Saxo Bank, we always aim for the top and we believe Bjarne Riis and his team can reach that goal next year. While our past collaboration with Bjarne Riis has been fantastic, we also know and trust the new co-title sponsor, SunGard, and that has made this strategic decision an even easier one to make.”