Last season Team CSC Saxo Bank won the team prize at the Tour de France and a lot more besides, now due to a Danish fraud scandal it is looking for a new name.
US computing company CSC is dropping out as co-sponsor for 2009 and was due to be replaced by Danish software outfit IT Factory. Saxo Bank is still there, but following the collapse of the IT Factory, the Danish team faces starting 2009 with only has half a name.
Earlier today IT Factory announced it was filing for bankruptcy and said that its chief executive had defrauded the company of 500m Kroner (£55m).
According to the Associated Press news agency IT Factory chairman Asger Jensby said the company had reported its chief executive, Stein Bagger, to police for suspected fraud.
Team boss Bjarne Riis will now be forced to look for another sponsor but is confident that won't be a problem – if it is then professional cycling really is in trouble.
IT Factory chairman Jensby said Bagger "disappeared" on Thursday during a trip to the United Arab Emirates. His disappearance has been reported to Interpol.
The IT Factory co-sponsorship was due to start on the 1st of January and to run for three years. Previous title sponsor, CSC, (Computer Sciences Corp.), announced it was pulling out of its eight-year sponsorship of the team because of doping scandals earlier this year.
Plucked from the obscurity of his London commute back in the mid-Nineties to live in Bath and edit bike mags our man made the jump to the interweb back in 2006 as launch editor of a large cycling website somewhat confusingly named after a piece of navigational equipment. He came up with the idea for road.cc mainly to avoid being told what to do… Oh dear, issues there then. Tony tries to ride his bike every day and if he doesn't he gets grumpy, he likes carbon, but owns steel, and wants titanium. When not on his bike or eating cake Tony spends his time looking for new ways to annoy the road.cc team. He's remarkably good at it.