Saxo Bank renews cycling team sponsorship

Danish investment firm Saxo Bank has extended its joint naming-rights sponsorship of the Saxo-Tinkoff International Cycling Union (UCI) ProTour team.

Saxo Bank’s agreement was due to expire at the end of the current season but it has agreed a one-year renewal with the squad.

Russian financial services company Tinkoff Bank began its co-sponsorship last summer and, earlier this month, founder Oleg Tinkoff expressed an interest in acquiring the sole naming rights.

However, Saxo Bank co-founder and chief executive Lars Seier Christensen told Danish news agency Ritzau an agreement had been reached with Tinkoff.

He said: “We have committed to the team again. And we've also come to a definitive agreement with our Russian friend.”

Saxo-Tinkoff riders Alberto Contador and Roman Kreuziger currently lie second and third in this year’s Tour de France general classification.