American bicycle manufacturer Cannondale announced today that it has acquired the majority ownership of the Cannondale Pro Cycling team and Brixia Sports, and that negotiations with Tinkoff Credit Systems have been ended.
Oleg Tinkov was reportedly attempting to gain a 55% share of the team to the tune of six million euros.
The CEO of Dorel, Cannondale's parent company, Martin Schwartz lent his support to the team's future. "This further investment underlines our respect and the value for the accomplishments of the Cannondale team and recognizes the many benefits this association has brought to the Cannondale brand," Schwartz said. "Additionally, it comes on the heels of our acquisition of the Caloi brand in Brazil and our intention to market Cannondale throughout Latin America."
According to the Cannondale press release, Peter Sagan, twice the Tour de France green jersey winner, will remain with the team along with other stand-out riders Moreno Moser, Elia Viviani and U23 world champion Matej Mohoric.
"2013 has been an amazing year for Cannondale Pro Cycling athletes and for the awareness of the Cannondale brand," Bob Baird, CEO, the Cannondale Sports Unlimited said. "We're looking forward to this next step with the team. We're passionate about pro cycling and furthering the sport with integrity and have a vision of building the most admired pro cycling team in the peloton. We have seen an increase in our market share of Cannondale since beginning this association and expect this to continue."