Telefónica extends Movistar Team deal until 2021

Spanish telco Telefónica has extended its naming rights partnership with cycling’s Movistar Team.

The new deal will run for three years, taking the partnership to the end of the 2021 season.

Financial terms were not disclosed, but Telefónica has previously said it covers about 70 per cent of the team’s €17m ($19m) budget.

Under the new deal, Telefónica’s Movistar brand will support the men’s pro cycling squad and the newly launched women’s squad, which was started in 2017.

The team will reach its 40th pro cycling anniversary in 2019; Movistar has been its main backer for the last eight seasons.

Founded in 1995, Movistar is Spain’s largest network operator by market share.