Oleg Tinkov and Bjarne Riis have officially parted ways. Tinkov bought the team from Riis in December 2013 for a reported sum of approximately €6 million, with Riis continuing as team manager on a three-year deal worth €1 million per year.
The team released the following statement this evening.
Tinkoff Sport A/S – Managing company of team Tinkoff Saxo – and Bjarne Riis have reached a mutual agreement to terminate all contracts entered between Tinkoff Sport A/S and Bjarne Riis with immediate effect. All terms of said agreement shall remain confidential and both parties shall abstain from making any further comment. Early next week, Tinkoff Saxo will announce, in a separate statement, the new structure of its technical and performance group. Tinkoff Saxo would like to thank its title sponsors, Tinkoff Bank and Saxo Bank, as well as all its other sponsors and suppliers for their continued support and confidence shown in the team. At the same time, the team looks forward to continuing receiving the support of its fans both on the road and on its social media platforms.