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Spanish team Xacobeo Galicia
Debts from previous incarnation lead to 20% cut
The Xacobeo Galicia team held a press conference today to express its confidence that the team will be able to go forward for the 2010 season in spite of a reduced budget and delayed racing license application.
The team was denied its Professional Continental license by the UCI last month because it had not met the financial requirements, but appealed the decision. The UCI's license commission is expected to announce the final list of teams on January 4.
Speaking at a press conference, Jose Ramon Lete Lasa, the vice president of the Fundación Ciclismo Galego (FCG), placed the responsibility for the team's "significant deficit" on debts owed by the company Valery Karpin, S.L. which sponsored the team for the 2007 and 2008 seasons.
Lete noted that the team has been able to meet all of the requirements set down by the International Cycling Union "in a timely manner" and said he has no doubts the team will be awarded the license.
"The first step in debt management has been to reduce the team's budget by twenty percent compared to 2009, establishing it for the new season at 2,900,000 euros," Lete explained.
Team manager Alvaro Pino said the budget cuts would have no effect on the team's performance in the coming season.
"I think we have even more potential because the market situation has allowed us to strengthen our roster at the same time staying wtihin the limitations that we impose with the budget."