Team Sky to become Team Ineos before Giro d’Italia and Tour de France after Britain’s richest man steps in

Ineos is owned by Sir Jim Ratcliffe, Britain’s richest man worth an estimated £21bn, who won the race to become the team’s new sponsor after Sky announced it was pulling out last December

Team Sky will become Team Ineos before the Tour of Yorkshire and Giro d’Italia in May, and ahead of Geraint Thomas’s Tour de France defence, after a new sponsorship deal was announced with the petrochemical giant to keep the team alive.

Ineos is owned by Sir Jim Ratcliffe, Britain’s richest man worth an estimated £21bn, who won the race to become the team’s new sponsor after Sky announced it was pulling out of cycling last December.

Sky had overseen a hugely successful decade with Sir Dave Brailsford in charge of racing operations, as they claimed eight Grand Tours including six Tour de France triumphs.

However, the era of dominance which began with a vow to clean riding was tainted by several controversies predominantly relating to the team’s exploitation of therapeutic use exemptions (TUEs) which a UK parliamentary report concluded had “crossed an ethical line”.

The rebranding to Team Ineos had been expected to kick in next year once the season was over, but instead will be officially launched at the Tour of Yorkshire, which starts in Doncaster on 2 May.

Ineos will take on all Sky’s contractual commitments to riders and staff, which contribute to the highest annual budget in the peloton of around £35m.

The end of any uncertainty was celebrated by Brailsford and Sky’s cabal of star riders including six-time Grand Tour winner Chris Froome, reigning Tour de France champion Thomas, and talented young rider Egan Bernal, who will lead the team at the Giro.

But in cycling’s European heartlands, where Team Sky’s popularity has never been high, there will be fears of even greater dominance by the British team, should Ratcliffe wield his financial muscle to strengthen an already exceptional roster.

“Today’s announcement is great news for the team, for cycling fans, and for the sport more widely,” said Brailsford. ”It ends the uncertainty around the team and the speed with which it has happened represents a huge vote of confidence in our future.

“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.

“I would like to personally thank Jeremy Darroch, who over a decade ago had the vision to back us when others thought we were crazy. His support for the team through thick and thin has been remarkable and everyone at Team Sky thanks him for all he has done for our sport.”

Ratcliffe said: “Cycling is a great endurance and tactical sport that is gaining ever more popularity around the world. Equally, cycling continues to mushroom for the general public as it is seen to be good for fitness and health, together with easing congestion and pollution in city environments.

“Ineos is delighted to take on the responsibility of running such a professional team.”