Team Saxo Bank

MintID said:

It factory has just declared bankruptcy. That means Team Saxo Bank is loosing about 8 million $.

Is their money held in any UCI gurantee fund or does it mean an instant cash crisis for the team?

Rolfrae said:

Is their money held in any UCI gurantee fund or does it mean an instant cash crisis for the team?

Bjarne Riis hasn't made any comment on the subject yet. But some danish financial experts think the money is lost.
apparently It Factory was kind of like Enron.

Riis just confirmed the team will continue to exsist.
He also said that he wont be counting on getting any money from It Factory. But he has a couple of other options he is working on. He also promised that the team would dominate the 2009 classics.

MintID said:

It factory has just declared bankruptcy. That means Team Saxo Bank is loosing about 8 million $.

Huh ? I thought Saxo Bank was the title sponsor ? IT Factory was probably only chipping in 1-2 million at the most.

MintID said:

It factory has just declared bankruptcy. That means Team Saxo Bank is loosing about 8 million $.

The Danish cycling team led by former Tour de France winner Bjarne Riis has lost its co-sponsor Monday after software firm IT Factory declared bankruptcy and said its chief executive had embezzled 500 million kroner ($85 million).

- Legend !!