Fraud costs top team half its name

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.