The British WorldTour outfit will change its name at the Tour de Yorkshire, eight months before Sky were supposed to end the funding. The rumours that British billionaire Sir Jim Ratcliffe, owner of Ineos, could buy Team Sky started circulating earlier this month.
“Today’s announcement is great news for the team, for cycling fans, and for the sport more widely,” the team principal, Dave Brailsford said. “It ends the uncertainty around the team and the speed with which it has happened represents a huge vote of confidence in our future.”
It is believed that the team will now operate on an even larger budget than the current €50million annual deal. The British outfit is already the richest team. Rivals operate on budgets of around €15million.
Super happy that the team can continue and stay together!!
Thank you to Sky, hello to INEOS🙌👍 https://t.co/L9Qf89ds3h
— Geraint Thomas (@GeraintThomas86) March 19, 2019
“In Sir Jim Ratcliffe and Ineos, I know that we have found the right partner whose vision, passion and pioneering spirit can lead us to even greater success on and off the bike. It heralds the start of a hugely exciting new chapter for us all as Team Ineos,” Brailsford added.
Most fans are delighted that the team will stay together. However, some were quick to point out that the team’s recent campaign to save ocean environment and the #passonplastic initiative now look a bit ironic. Ineos is a multinational chemicals company and a significant producer of plastic.