Ineos Grenadiers have secured a new title sponsorship worth €20 million a year, it has been reported.
According to Cyclingnews and Italian newspaper La Gazzetta dello Sport, a five-year deal has been agreed between the British team and a Danish software and IT services company, worth €100 million. Days later, the firm was revealed to be Netcompany by the The Times and The Guardian.
It would mean new branding and new kit for the team, which would cease to be Ineos Grenadiers, after the SUV built by the company. However, it would continue to be owned by Sir Jim Ratcliffe and run by Sir Dave Brailsford, according to the reporting. Ineos have not yet commented on the news, with a launch expected before this year's Tour de France.
Brailsford apparently believes that the team needs a budget of close to €50 million in order to compete with other well-funded squads like UAE Team Emirates-XRG, Red Bull-Bora-Hansgrohe and Visma-Lease a Bike.
French oil and gas giant TotalEnergies will also remain on board with the team, after the company signed a deal to become a 'jersey partner' last year. Apparently, with the ending of its deal with French ProTeam TotalEnergies this year, it is hoped that the French company will extend its deal with Ineos, perhaps as a co-title sponsor along with the new Danish IT brand.
Netcompany have four offices in the UK, as well as across the rest of Europe and Asia, is listed on the Nasdaq Copenhagen, and has recently won a contract with Heathrow to become the airport’s primary digital operations partner.
Ineos and Ratcliffe came on board with the WorldTour squad in 2019, after buying what was then Team Sky. The team was set-up in 2010, and remain the only British outfit on the WorldTour. The team has won the Tour on seven occasions, but not since 2019, after they were eclipsed by other teams, particularly UAE and Visma. This year, they have already won seven races through six different riders.
Last year, Ineos Grenadiers stepped up their search for a new sponsor, employing a global sports marketing agency to search for partners.
Sportfive acted as Ineos' "Exclusive Sales Agency", in an attempt to find "non-endemic global partners" for the team.
For those not versed in advertising speak, non-endemic means promoting something on behalf of another brand, like most cycling sponsors.
Ineos are not alone in looking for new sponsorship, with Visma-Lease a Bike and EF Education-EasyPost going public this year about their hunt for fresh investment.
It was also reported at the weekend that FDJ United-SUEZ, the leading women's team, are set to be partnered by Red Bull.
