Danish trading and investment firm Saxo Bank has confirmed an extension to its title sponsorship of Riis Cycling for 2014, securing the future of the UCI World Tour team for another year.
The withdrawal of co-naming rights holder Tinkoff Bank at the end of July threw Riis Cycling’s immediate future into doubt, but Saxo Bank’s decision to “step up its commitment to the team significantly” while supporting the search for further sponsors leaves team owner Bjarne Riis breathing easier.
Saxo Bank will serve as the team’s sole title sponsor, as it did in 2009, 2010 and the first half of 2012, until Riis Cycling secures further backers.
“This is certainly evidence of a great long term partnership, and it gives us the space to continue with our team at a high level while we continue to develop our portfolio of partners for next year and after,” Riis said.
“We are still in the market looking for additional sponsorship to fulfil our ambitions for the coming years. Building new partnerships takes time, but I do feel we are moving this forward in a very constructive way."
Team Saxo Bank, led by former Tour de France champion Alberto Contador, will look to build on a successful 2013, where it finished the Tour at the top of the team classification.