Riis sells cycling team to Russian businessman

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The cycling team with two-time Tour de France champion Alberto Contador on the roster has been bought by Russian businessman Oleg Tinkov.

It will be known as Tinkoff-Saxo for the next three years.

Tinkov's purchase of Riis Cycling was confirmed Monday at a news conference in London. Bjarne Riis will stay on as general manager of the team, with Danish investment specialist Saxo Bank becoming the secondary sponsor.

Riis says the deal secures ''the long-term stability of the team,'' which ''now has the funding and foundation to continue to be a major player on the world tour and to further raise our ambitions.''

Tinkoff Bank had pulled out of the team in October following an acrimonious season working with Contador, leaving Saxo Bank to assume the principal role.

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