RadioShack has been confirmed as the sponsor of a new American ProTour squad, to be led by Lance Armstrong in the 2010 season.
"RadioShack has agreed to partner with us on this venture and ensure that this partnership and this team stays alive for years to come," said Armstrong in a video posted on Livestrong.com.
The consumer electronics company confirmed its sponsorship of the squad, called Team RadioShack, on Thursday evening.
"RadioShack Corporation is proud to announce a partnership with seven-time Tour de France winner Lance Armstrong to form a new American ProTour cycling team," RadioShack said in a statement.
"To be able to compete for an American team comprised of the world's top cyclists, supported by the best coaches and staff - I couldn't be happier to partner with RadioShack, a truly iconic American brand," said Armstrong.
Armstrong - who is currently racing for Kazakh team, Astana, at the Tour de France - is the only rider to be confirmed as a member of the new squad. Armstrong's long-time director sportif, Johan Bruyneel, indicated on Tuesday that he may leave Astana at the end of the current season. At this stage there has been no confirmation as to whether Bruyneel will follow Armstrong to Team RadioShack.
RadioShack indicated that Armstrong will also compete for the team in sporting events outside of cycling. "Beginning in 2010, Lance Armstrong will compete for Team RadioShack as a cyclist, runner and triathlete in events around the world, including the 2010 Tour de France," it said.
In the United States RadioShack employs 35,000 people across its 6,000 stores. The company plans to use its large workforce to further the goals of Armstrong's Livestrong foundation.