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Seven times Tour de France champion Lance Armstrong will quit Astana and form a U.S.-based team in 2010 in partnership with RadioShack Corporation, the company said Thursday.

"Lance Armstrong will compete for Team RadioShack as a cyclist, runner and triathlete in events around the world, including the 2010 Tour de France," a company statement said.

The 37-year-old American is currently riding the Tour with the Kazakh-funded Astana team.

"To be able to compete for an American team comprised of the world's top cyclists, supported by the best coaches and staff -- I couldn't be happier to partner with RadioShack, a truly iconic American brand," Armstrong said.

Arsmtrong said there had not been any decision on a co-sponsor.

"There will be other partners, other sponsors but we have not finalized yet, He said. "The usual will be Nike, Trek, maybe some others we are working on."

RadioShack is a consumer electronics company based in Texas.

The announcement was made immediately after the 18th stage of the Tour de France, won by Armstrong's Astana team mate Alberto Contador. Armstrong finished 16th.

Asked whether he would be part of the project, Contador, who leads the Tour ahead of Luxembourg's Andy Schleck and Armstrong, said: "I heard that Lance was launching a new structure. But I just want to concentrate on winning the Tour and we'll see afterwards."

GOOD NEWS

Pat McQuaid, the president of the International Cycling Union (UCI), told Reuters the announcement was good news for cycling.

"It's good news that a new sponsor comes into the sport. After the years we've had, it is a sign that the sport is good value for sponsors," he said.

Yet McQuaid added Team RadioShack were "a little presumptuous" in thinking they would automatically obtain a ProTour license.

"They delivered all the necessary documents by hand on Monday like the (British) Sky team have. We have all the administrative documents plus details of most of the riders in the team.

"All this information will be assessed by our ProTour license commission. They won't be sure to have the license until the end of the year," he added.

McQuaid could not say who the other riders involved in the team would be but Garmin-Slipstream team chief Jonathan Vaughters made it clear none of his would join the new outfit.

"All our riders but one will be under contract next year. That rider is faithful to the team. None of our riders will join that team," he said.

Armstrong's Astana team manager Johan Bruyneel, who led the Texan to his seven Tour wins, has made it clear in media reports this week he would be leaving the Kazakh-funded side next season.

(Source: Reuters)