BARCELONA (Reuters) - The Saxo-Tinkoff team led by former Tour de France champion Alberto Contador have received a sponsorship boost from Saxo Bank that will keep the team going next year.
There had been fears about the future after the co-sponsors, Russian credit card suppliers Tinkoff Bank, pulled out in July.
Owner Bjarne Riis needed to find replacement financing for his riders who finished the 2013 Tour at the top of the team classification.
"This (deal) gives us the space to continue with our team at a high level while we continue to develop our portfolio of partners for next year and after," Riis said in a news release on Thursday. "We are still in the market for additional sponsorship."
Riis's outfit will now be known as Team Saxo Bank.
"This news gives me extra motivation going into next season, knowing I will have the same great team around me," said Spaniard Contador.
Saxo Bank said its decision reflected the sport's growing appeal.
"In the financial industry cycling is now more popular than golf," the company said.
(Writing by Braden Phillips; editing by Tony Jimenez)