Danish Cycling Team Saxo Bank Co-Sponsor Declares Bankrupcty

Saxo Bank Team Loses Co-Sponsor IT Factory

Denmark-based software firm IT Factory, which in September signed a three-year deal for about US$6.8M to co-sponsor Danish ProTour cycling team Saxo Bank, "announced it will file for bankruptcy," according to Gregor Brown of CYCLINGNEWS.com. A Danish TV station reported Interpol is seeking IT Factory CEO Stein Bagger for "economic fraud of up to [US$85.1M] after he disappeared following a trip in Dubai." Team Saxo Bank Owner Bjarne Riis: "The riders and staff know that we will not shut down. There is a guarantee that the cycling team will continue." But Brown noted Saxo Bank is "reportedly uninterested in being the team's sole sponsor"  (CYCLINGNEWS.com, 11/1). IT Factory inked the co-sponsorship deal in September after IT consulting firm Computer Sciences Corp. said that it would "quit its eight-year sponsorship of the team because of doping scandals." IT Factory's contract was to start January 1 (AP, 12/1).

NAME GAME: VELO NEWS reported the ProTour team "formerly known as Saunier Duval and then Scott-American Beef, has a new title sponsor for the 2009 season," as the team will be known as Fuji-Servetto and will "retain its ProTour status." For Fuji bicycles, the "largest brand" of Philadelphia-based Advanced Sports, Inc., the venture marks its "first foray into the Pro Tour ranks." Fuji bicycles also will "sponsor the Pro Continental team Elk Haus, based in Austria," and will continue "to sponsor Equipe Nurnberger, the top-ranked women's pro team out of Germany" as well as U.S. triathlete Matt Reed (VELONEWS.com, 11/29).