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Britain’s richest man, Sir Jim Ratcliffe , is set to save Team Sky from folding with a multi-million pound commitment which will ensure they continue under the title Team Ineos , named after the billionaire’s petrochemicals company.
Sources close to Team Sky suggest an announcement is likely on Tuesday which will see an end to speculation over the future of the team and its cabal of elite riders, after Sky revealed it was ending its involvement in December.
Sky announced it was pulling its sponsorship of the British team after a decade of Grand Tour dominance which included six Tour de France triumphs, but which was also tainted by controversies around the team’s use of therapeutic use exemptions that a parliamentary report concluded “crossed an ethical line”.
Key figures at the heart of the Sky era are set to continue under the new ownership, including team principal Dave Brailsford , six-time Grand Tour winner Chris Froome , reigning Tour de France champion Geraint Thomas , and talented young rider Egan Bernal, who will lead the team at the Giro d’Italia in May.
Sky’s costs have grown over the years to an annual budget of around £34m, significantly more than their closest rivals. Yet that gap could now further expand should Ratcliffe throw his financial muscle behind the venture.
Tour de France 2018: The story of the raceShow all 84 1 /84Tour de France 2018: The story of the race Tour de France 2018: The story of the race Stage one The pack leaves Noirmoutier-en-l'ile.
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Tour de France 2018: The story of the race Stage one Chris Froome crashes, losing a minute of time.
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Tour de France 2018: The story of the race Stage one A fan captures some of the build-up to the race.
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Tour de France 2018: The story of the race Stage one Colombian debutant Fernando Gaviria celebrates his victory.
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Tour de France 2018: The story of the race Stage two Sylvain Chavanel on the breakaway.
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Tour de France 2018: The story of the race Stage two The pack rides through a roundabout
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Tour de France 2018: The story of the race Stage two Australia's Heinrich Haussler is treated at the finish.
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Tour de France 2018: The story of the race Stage two Peter Sagan celebrates his win.
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Tour de France 2018: The story of the race Stage three Katusha-Alpecin warm-up for the team time trial.
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Tour de France 2018: The story of the race Stage three Team Sky finished second...
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Tour de France 2018: The story of the race Stage three ...Behind BMC.
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Tour de France 2018: The story of the race Stage three Peter Sagan loses the yellow jersey to Greg Van Avermaet.
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Tour de France 2018: The story of the race Stage three Spectators line the road.
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Tour de France 2018: The story of the race Stage three Fans cheer the Tour and France at the World Cup.
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Tour de France 2018: The story of the race Stage four Greg Van Avermaet in the pack.
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Tour de France 2018: The story of the race Stage four Fernando Gaviria wins his second stage.
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Tour de France 2018: The story of the race Stage five A photo taken with a tilt and shift lens shows the pack riding along the harbour of Concarneau.
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Tour de France 2018: The story of the race Stage five Greg Van Avermaet leads the peloton.
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Tour de France 2018: The story of the race Stage five Peter Sagan wins again.
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Tour de France 2018: The story of the race Stage six The pack at the start of the stage.
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Tour de France 2018: The story of the race Stage six Greg Van Avermaet stays in yellow.
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Tour de France 2018: The story of the race Stage six Colombia's Darwin Atapuma stacks water bottles for his teammates.
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Tour de France 2018: The story of the race Stage six Ireland's Dan Martin celebrates on the line.
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Tour de France 2018: The story of the race Stage seven
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Tour de France 2018: The story of the race Stage seven
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Tour de France 2018: The story of the race Stage seven Dylan Groenewegen wins and delivers a message to his critics.
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Tour de France 2018: The story of the race Stage eight
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Tour de France 2018: The story of the race Stage eight The pack rides past the Notre-Dame des Andelys church.
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Tour de France 2018: The story of the race Stage right Groenewegen takes another victory.
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Tour de France 2018: The story of the race Stage nine Richie Porte crashes out of the Tour.
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Tour de France 2018: The story of the race Stage nine The cobbles to Roubaix.
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Tour de France 2018: The story of the race Stage nine Chris Froome reaches the finish.
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Tour de France 2018: The story of the race Stage nine John Degenkolb celebrates his victory.
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Tour de France 2018: The story of the race Rest day Chris Froome addresses the media.
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Tour de France 2018: The story of the race Stage 10 The pack rides through the village of Manigod
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Tour de France 2018: The story of the race Stage 10 Julian Alaphilippe celebrates on the line.
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Tour de France 2018: The story of the race Stage 11 The breakaway climb.
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Tour de France 2018: The story of the race Stage 11 Germany's Rick Zabel drinks after he crossed the finish line.
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Tour de France 2018: The story of the race Stage 11 Geraint Thomas escapes to the finish in La Rosiere...
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Tour de France 2018: The story of the race Stage 11 ...And celebrates a standout victory.
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Tour de France 2018: The story of the race Stage 12 The pack ascends the Montvernier.
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Tour de France 2018: The story of the race Stage 12 Netherlands' Steven Kruijswijk rides through flare bomb smoke
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Tour de France 2018: The story of the race Stage 12 Geraint Thomas leads Chris Froome as the going gets tough.
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Tour de France 2018: The story of the race Stage 12 Geraint Thomas escapes at the summit...
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Tour de France 2018: The story of the race Stage 12 ... And clinches another stage win.
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Tour de France 2018: The story of the race Stage 13
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Tour de France 2018: The story of the race Stage 13 Chris Froome in the pack.
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Tour de France 2018: The story of the race Stage 13 Geraint Thomas in yellow alongside his team-mate Gianni Moscon.
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Tour de France 2018: The story of the race Stage 13 Peter Sagan celebrates another victory.
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Tour de France 2018: The story of the race Stage 14 Winds split the peloton in four.
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Tour de France 2018: The story of the race Stage 14
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Tour de France 2018: The story of the race Stage 14 Tom Dumoulin keeps his eye on Geraint Thomas.
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Tour de France 2018: The story of the race Stage 14 Omar Fraile celebrates as he crosses the finish for a surprise win.
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Tour de France 2018: The story of the race Stage 15 The pack rides under the Millau Viaduct.
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Tour de France 2018: The story of the race Stage 15 Chris Froome and Geraint Thomas on route to Carcassonne.
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Tour de France 2018: The story of the race Stage 15 Sky's Gianni Moscon would be later disqualified for punching another rider.
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Tour de France 2018: The story of the race Stage 15 Denmark's Magnus Nielsen celebrates his calculated victory.
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Tour de France 2018: The story of the race Rest day Dave Brailsford conducts and explosive press conference, blaming animosity towards Team Sky on "a French cultural thing".
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Tour de France 2018: The story of the race Rest day Chris Froome and Geraint Thomas present a united front before the press.
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Tour de France 2018: The story of the race Rest day Froome was asked if he expected Thomas to help him through the Pyrenees. "No," he said.
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Tour de France 2018: The story of the race Stage 16 The race is interrupted by protesters.
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Tour de France 2018: The story of the race Stage 16 Police use pepper spray.
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Tour de France 2018: The story of the race Stage 16 The race is stopped as riders are aggravated by the pepper spray.
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Tour de France 2018: The story of the race Stage 16 The race returns to the road.
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Tour de France 2018: The story of the race Stage 16 Geraint Thomas in the pack.
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Tour de France 2018: The story of the race Stage 16 Julian Alaphilippe celebrates victory.
Tour de France 2018: The story of the race Stage 17 Chris Froome struggles up the Col du Portet, losing contact with the leaders.
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Tour de France 2018: The story of the race Stage 17 Geraint Thomas breaks clear of his rivals in the final hundred metres...
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Tour de France 2018: The story of the race Stage 17 ... And finishes second, increasing his lead to nearly two minutes.
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Tour de France 2018: The story of the race Stage 17 Nairo Quintana celebrates a hard-fought victory on top of the Col du Portet.
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Tour de France 2018: The story of the race Stage 18 The pack begin the final mountain stage of the race.
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Tour de France 2018: The story of the race Stage 18 Nairo Quintana bears the injuries of an early crash.
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Tour de France 2018: The story of the race Stage 18 Geraint Thomas in the peloton.
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Tour de France 2018: The story of the race Stage 18
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Tour de France 2018: The story of the race Stage 18 Arnaud Démare wins the sprint in Pau.
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Tour de France 2018: The story of the race Stage 19 Julian Alaphilippe and Audrey Amador on the descent.
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Tour de France 2018: The story of the race Stage 19 Julian Alaphilippe shows his descending skills.
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Tour de France 2018: The story of the race Stage 19 Tanel Kangert leads the breakaway up the famous Col du Tourmalet.
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Tour de France 2018: The story of the race Stage 19
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Tour de France 2018: The story of the race Stage 19 Geraint Thomax extends his lead to more than two minutes with only a 31km individual time trial to go.
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Tour de France 2018: The story of the race Stage 20 Tom Dumoulin prepares to begin his time trial, needing to beat Geraint Thomas by more than two minutes to win the Tour de France.
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Tour de France 2018: The story of the race Stage 20 Geraint Thomas performs well, finishing third to all but seal his triumph.
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Tour de France 2018: The story of the race Stage 20 Geraint Thomas lets the moment sink in.
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Tour de France 2018: The story of the race Stage 21 Geraint Thomas and his Team Sky team-mates sip champagne on their victory ride to Paris.
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Ratcliffe, who has a net worth of around £21bn, is a keen cyclist, sailor and football fan, and announced a partnership with Sir Ben Ainslie last year in an effort to win the 2021 America’s Cup, reportedly investing more than £100m in the project. He also owns FC Lausanne-Sport, who play in the Swiss Super League, and was linked with a possible takeover of Chelsea Football Club last year.
Until recently the 66-year-old had kept a relatively low profile. He is a passionate Brexiteer who moved his company’s headquarters to Switzerland in 2010, before returning to west London in 2015, and has attracted some controversy of his own after moving to Monaco for tax reasons – where several key figures in Team Sky also live.
Sir Jim Ratcliffe, CEO of British petrochemicals company Ineos (Reuters) The involvement of his company Ineos, which has been involved in lobbying to loosen fracking regulations and has been criticised for its intense use of plastics, also appears to be jarringly at odds with Sky’s prominent Ocean Rescue campaign which adorned the riders’ jerseys last year.
The new sponsorship deal will come into effect in 2020.
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