Report: Tinkov buys team from Riis for 6 million Euro

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Oleg Tinkov is said to be buying Team Saxo-Tinkoff for six million Euros, with Bjarne Riis staying on to run the team for a salary of one million Euros annually, according to Gazzetta dello Sport. Tinkov and Riis have called a press conference Monday in London to announce the team's future.

According to the Italian newspaper, Tinkov will invest from 11 to 13 million Euros per-season into the team. He will own the team but Riis will remain as team manager.

"I will continue with you as the team manager for four more years, and this will let me have fewer worries and focus more on the sport side, so as to be even closer to you,” the Gazzetta quotes Riis as having told the team.

Tinkoff Bank has been a team co-sponsor for the last year and a half, but Tinkov announced this summer that he would end his co-operation with the team. Earlier this month, however, the first rumours arose that Tinkov would buy the team from Riis, who is facing an uncertain future with the expected report from Anti-Doping Denmark.

The announcement of the joint press conference was only one sign of the upcoming change. Team Saxo-Tinkoff is said to have signed Russian riders Ivan Rovny and Nikolai Trussov, both of whom earlier rode for the Tinkoff Credit Systems team.

In addition, Tinkov is attending the team training camp on Gran Canaria, and the new team jerseys and bikes are said to be predominantly yellow, instead of the traditional Saxo Bank blue.