Team Sky will become Team Ineos from May 1 after Sky and 21st Century Fox confirmed the sale of the team to the British-owned petrochemical company on Tuesday.
Dave Brailsford’s team had been searching for a new backer since December, when it was announced that Sky would cease its ownership of the team at the end of the 2019 season. The decision followed Comcast’s takeover of the company last year.
In recent weeks, it was reported that Ineos, which is owned by Britain’s richest person, Jim Ratcliffe, was in advanced negotiations to take over the team.
“Sky and 21st Century Fox have agreed the sale of Team Sky to INEOS. INEOS will become the sole owners of Tour Racing Limited (the team’s holding company) from 1 May this year and will continue to fund the current team in full, honouring all existing commitments to riders, staff and partners,” read a statement from Team Sky on Tuesday.
The squad’s first race as Team Ineos will be the Tour de Yorkshire, which gets underway in Doncaster on May 2. It remains to be seen, however if the team will compete at the Tour de Romandie – which runs from April 30 to May 5 – under the Team Sky or Team Ineos banner.
The team said on Tuesday that the “practicalities of the transfer are subject to further discussion” with the UCI.
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