Team Sky announces takeover by Britain's richest man

Team Sky have announced a new sponsorship deal with the company of Britain’s richest man Sir Jim Ratcliffe.

The team will undergo a rebrand and name change to Team Ineos, after the controversial billionaire’s chemical manufacturing company.

Broadcaster Sky announced the end to their nine-year association with the six-time Tour de France winners in December 2018, leading to uncertainty over its future.

However, with Ratcliffe’s investment, the rebranded outfit will be expected to retain the services of the likes of Chris Froome and current Tour champion Geraint Thomas, maintaining their position as cycling’s dominant force in the peloton.

Petrochemicals mogul Ratcliffe, worth an estimated £21bn, has reportedly been in discussions with Sir Dave Brailsford, who will keep his position as general manager.

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Ratcliffe had previously invested £110m into Sir Ben Ainslie’s America’s Cup team and has long been rumoured to have an interest in purchasing Chelsea Football Club.

Sir Bradley Wiggins, another former Tour winner with Team Sky, believes the takeover and investment would be beneficial for the team going forward.

“Dave will want to retain control and it is Dave’s way in terms of the way he manages the team, the way he sets the team up,” he said on Eurosport’s The Bradley Wiggins Show.

“I think he would have been reluctant to have another multi-national company that came in that wanted it for the advertisement and to get their name out there, but would want the control in terms of ‘This is how we want to do it in terms of how we advertise our company’.

“Dave can continue running out this team with all his plans and philosophies, so it’s an ideal situation for him and he is answerable you’d imagine to one man – it’s his money. It will certainly help that team.”

“He is the richest man in Britain and you would imagine that the kind of money they have asked for is nothing to him.

Radcliffe’s Ineos has been criticised for its promotion of fracking in Northern England while further environmental concerns have been raised over the company’s production of single use plastics.

The announcement comes as the team prepares to defend their 2018 general classification victories at the Giro d’Italia, the first Grand Tour of the year, as well as the Tour de France later this year.