Riis sells cycling team to Russian businessman

The Associated Press
Riis sells cycling team to Russian businessman
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Team owner Oleg Tinkov speaks to the media during a Tinkoff-Saxo cycling team press conference in London, Monday, Dec. 2, 2013. The cycling team run by Bjarne Riis and containing two-time Tour de France champion Alberto Contador has been bought by Russian businessman Oleg Tinkov and will be known as Tinkoff-Saxo for the next three years. Tinkov's purchase of Riis Cycling was confirmed at a press conference in London on Monday. (AP Photo/Sang Tan)

LONDON (AP) -- The cycling team with two-time Tour de France champion Alberto Contador on the roster has been bought by Russian businessman Oleg Tinkov.

It will be known as Tinkoff-Saxo for the next three years.

Tinkov's purchase of Riis Cycling was confirmed Monday at a news conference in London. Bjarne Riis will stay on as general manager of the team, with Danish investment specialist Saxo Bank becoming the secondary sponsor.

Riis says the deal secures ''the long-term stability of the team,'' which ''now has the funding and foundation to continue to be a major player on the world tour and to further raise our ambitions.''

Tinkoff Bank had pulled out of the team in October following an acrimonious season working with Contador, leaving Saxo Bank to assume the principal role.