The management of Geox-TMC has given up hope of finding a sponsor for the coming season and is now concentrating on helping its riders find new teams, a Spanish newspaper has reported.
Sport director Josean Matxin told El Correo that he had on Monday been informed by the International Cycling Union that the deadline for submission of documentation for a licence had passed, and that he would receive no further extensions.
Matxin and team manager Mauro Gianetti had hoped that the Venezuelan government would sponsor the team, but that did not work out.
They have now turned their attention to helping the riders, including Juan Jose Cobo, who won this year's Vuelta a Espana. He is said to have turned down offers of up to a million Euros a year in order to sign with the team another two years.
Cobo, however, is likely to find a new team, as is Denis Menchov, said to be on the verge of signing with Katusha. Other riders have already moved to new teams: Mauricio Ardila and Fabio Duarte (Colombia-Coldeportes), Fabio Felline (Androni Giocattoli), Matteo Pelucchi (Europcar), Daniele Ratto (Liquigas), Xavier Florencio (Katusha), Daniele Colli (Team Type 1), and Matthias Brändle (Team NetApp). Carlos Sastre has announced his retirement.