Upsolut denies buy-out

Upsolut Sports of Hamburg, Germany, has denied that the Legardere Group, a French conglomerate, has...

Upsolut Sports of Hamburg, Germany, has denied that the Legardere Group, a French conglomerate, has bought it. Upsolut is a sports marketing company which organizes the Deutschland Tour and the Hamburg Cyclassics. Among its other interests, Legardere owns one-fourth of Amaury Sport Organisation (AS),which organizes a multitude of cycling races.

Spiegel magazine this week issued an article titled, "Lagardere buys Upsolut Sports AG. "That headline does not reflect the current facts. If that should change in the near future, then we will publicly announce that in our usual manner," Upsolut spokesman Michael Hinz told radsport-aktiv.de.

Hinz added that newspaper reports that his company was in financial difficulties were not true. "The Upsolut Sports AG had no financial problems in either 2007 or the years before that. The cycling events, which are the backbone of our business, did not lead to reduced income in 2007, but instead brought in more than in 2006 and 2005."

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