Danish Investment Bank Saxo Bank Promises '14 Financial Backing For Riis Cycling
Riis Cycling Owner Bjarne Riis "dodged a bullet after Danish investment bank Saxo Bank stepped up its commitment to keep the team alive" for '14, according to Andrew Hood of VELO NEWS. Riis Cycling has "been struggling to fill" the €6M funding gap "left with the acrimonious departure of Russian businessman Oleg Tinkov." Saxo Bank, which has "been a Riis sponsor since 2008, has promised financial backing to guarantee the team for 2014 in what’s an important season for Alberto Contador to take on Chris Froome and Sky." Riis: "This renewed partnership means that for now, the team will once again be Team Saxo Bank. This will give us give time needed to continue this work without too much stress." Riis is "continuing to search for other major sponsors, but the Saxo Bank guarantee will allow them to meet looming financial deadlines to maintain a valid racing license" for '14 (VELO NEWS, 10/10). Saxo Bank CEO Lars Christensen said, "Today is a great day for cycling. These last months, many possibilities have been discussed. The truth is that being here is proof that it is all false. I am lucky to work with Bjarne and our mutual understanding is great" (EL PAIS, 10/10).