According to L’Équipe, Saxo Bank is set to cease sponsorship of the Tinkoff-Saxo team after this season. The Danish investment bank has been linked to the team since 2008.
The departure of Bjarne Riis from the team is said to have been a major factor in the decision. The presence of the Danish manager was an important factor for the sponsorship.
The bank reportedly pays almost half of the budget of the team, which totals €12 million annually. The bank is said to contribute €5 million of this.
Saxo Bank was the primary sponsor of the team until 2013. At the end of that season, Oleg Tinkov purchased the team from manager Bjarne Riis and the team was renamed Tinkoff-Saxo. The team changed from being Danish-registered to Russian-registered.
Last month, it was announced that Riis’ contract with the team had been terminated with the agreement of both parties. Subsequently, the team revealed its new management structure, with Riis’ former duties being carried out by new general manager Stefano Feltrin and Steven de Jongh, who was promoted to the role of head sport director.