Ineos is taking over from Sky as team sponsor almost immediately. Eddie Dunbar will switch from being a Team Sky rider to a Team Ineos rider from the start of May.
Team Sky will effectively cease in its current form at the end of April, with chemicals company Ineos set to take over from May 1st.
Sir Jim Ratcliffe, Britain’s richest man and the chairman of Ineos chemicals, has bought the team.
It has been sold to him by the broadcasting company Sky and 21st Century Fox. Those companies have owned the team and been its title sponsors.
They have sold Tour Racing Limited, the company that owns Team Sky, to Ineos. And now the chemicals giant becomes its sole owner.
It means Ratcliffe controls the team. And given his wealth it is highly likely the squad’s budget will increase even further.
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It’s good news for Irish rider Eddie Dunbar; the young climber currently on a one-year deal with Team Sky.
This is what the Ineos UK sailing team looks like, though we'll have to wait to see if the cycling team will take on the same livery.
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The British WorldTour outfit will be unveiled as Team Ineos at the start of May. And the Tour de Yorkshire in Britain will be its first race under new colours and new ownership.
Sky and 21st Century Fox were contracted until the end of 2019. However, they have agreed to progress with the sale now.
The move was announced by Team Sky this afternoon and had been anticipated for some weeks. An increased budget to £40 million has been mooted.
Without question the new owner has the money; a Brexit backer, his move to Monaco has reportedly saved him up to £4 billion in taxes.
Sir Jim Ratcliffe, who is the chairman and chief executive of Ineos, said he was delighted the sale of the team had been completed.
“Cycling is a great endurance and tactical sport that is gaining ever more popularity around the world,” he said.
“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.”
Dave Brailsford, team principal at Team Sky, said the deal was good news for the team and for cycling generally.
“It ends the uncertainty around the team and the speed with which it has happened represents a huge vote of confidence in our future,” he said.
“In Sir Jim Ratcliffe and Ineos, I know that we have found the right partner whose vision, passion and pioneering spirit can lead us to even greater success on and off the bike.
“It heralds the start of a hugely exciting new chapter for us all as Team Ineos. I would like to personally thank Jeremy Darroch, who over a decade ago had the vision to back us when others thought we were crazy.
“His support for the team through thick and thin has been remarkable and everyone at Team Sky thanks him for all he has done for our sport.”
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