According to multiple reports, the Ineos Grenadiers professional cycling team have agreed a new title sponsorship deal with the Danish IT supplier Netcompany, which will see the team rebranded.
The five-year deal is understood to be worth around €100m (£86m) and will see the team renamed and rebranded with a new kit before the start of this year’s Tour de France, which begins 4th July.
Jim Ratcliffe and the Ineos head of sport, Sir Dave Brailsford, will retain ownership and management of the British team.
Ineos, who are relinquishing the naming rights, and fellow sponsor TotalEnergies will also continue their support.
The investment will allow the team to compete more effectively with rivals such as UAE Emirates, whose annual budget is around £51m. Ineos Grenadiers last won the Tour de France in 2019.
Geraint Thomas, 2018 Tour de France winner, said, “We’ve had a rough couple of years, but we’re on the way back. There’s still a long way to go, but we’ve got a great team of riders, of staff, and everyone’s motivated, pushing forward.”
