What will happen with CSC

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Will they fold

yes
2
33%
no
4
67%
 
Total votes : 6

What will happen with CSC

Postby RICHARDH » Tue Dec 02, 2008 3:16 pm

This was on cyclingnews.com this morning

Team Saxo Bank - IT Factory sponsor declares bankruptcy
Team Manager Bjarne Riis faces sponsor problems
Photo ©: Roberto Bettini
The newly announced co-sponsor of Bjarne Riis' Danish ProTour Team, IT Factory, announced it will file for bankruptcy. Interpol is seeking the company’s director, Stein Bagger, for economic fraud of up to 500 million kroner (€67 million) after he disappeared following a trip in Dubai, according to a Danish television station.

"We do not intend to give up. We have just held a meeting with Saxo Bank, and we agree that we must get out and find a new sponsor," team owner Riis said to feltet.dk. "The riders and staff know that we will not shut down. There is a guarantee that the cycling team will continue."

Riis announced in September that IT Factory would be the team's new co-sponsor alongside Saxo Bank as of the 2009 season. The contract, for three years, was said to be for about 40 million kroner (€5.37 million).

Saxo Bank is reportedly uninterested in being the team's sole sponsor.

The company's chairman and co-owner Asger Jensby confirmed the bankruptcy to the Danish news agency Ritzau. Bagger's wife contacted Jensby when her husband disappeared after the trip to Dubai, according to Feltet.dk. Jensby then checked the company's accounts, and the results drove him to file the bankruptcy Monday morning.

The team held its presentation, as planned, Monday morning. (SW)


Atleast cycling will have alot of attention on it this year with Armstrong back and they are the reigning TdF champions and the only likely competition for Lance which all counts in there favour. But Europe is in recession, soo is it possible that they will fold? Imagine what an intresting situation that is with all that talent suddenly on the market, Katusha would be swooping in especiallly seeing as they were actively after Fabs. Columbia might also look for another GT contender aswell after losing Gerdamann.
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by BNA » Tue Dec 02, 2008 3:54 pm

BNA
 

Postby chris641 » Tue Dec 02, 2008 3:54 pm

If they do fold Silence Lotto better get off their ass and recruit Cadel a super domestique.
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Postby sogood » Tue Dec 02, 2008 4:03 pm

chris641 wrote:If they do fold Silence Lotto better get off their ass and recruit Cadel a super domestique.

Nice thing about Silence-Lotto is that, during bad economic times, medical and betting companies will both do well. So funding stability is assured for Silence-Lotto. :lol:
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Postby RICHARDH » Tue Dec 02, 2008 4:36 pm

The other nice thing about SL is that they seemed determined not to get any support for Cadel so i wouldnt hold my breath. I personally cant see how Gianetti can get sponsorship and not these guys though i imagine the diferences in budget are fairly big. Bjarne might have to go crawling back to Cervelo (just kidding theyre to far along with there own team). But there one of if not the most succesfull teams of recent years and despite Riis admition of doping in his riding days and Basso after he left they havent had any real doping allegations. Well F Schleck i suppose but that seems to have quitely gone away.
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Postby sogood » Tue Dec 02, 2008 5:06 pm

There's dopers in the sporting ranks and there's white collar crime in the business world. :?
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