After months of speculation, it has now been confirmed that Russian businessman Oleg Tinkov has bought Team Saxo-Tinkoff from current owner Bjarne Riis. The Russian will be the sole owner of the team but Riis will be the general manager of the team that will now be known as Tinkoff-Saxo, for at least three years.

When the rumours first surfaced one month ago, both parties were quick to deny it, but now it has been confirmed that Russian businessman Oleg Tinkov is the new owner of the team that has so far been known as Team Saxo-Tinkoff. The announcement was made at a press conference in London where Riis confirmed that the Russian has taken over the ownership with immediate effect.

“I’m very happy to announce that Oleg Tinkov will be the new owner of the team. We’ve made agreement of him buying Riis Cycling from immediate effect,” Riis said.

No figure was disclosed but Gazzetta dello Sport has reported that the Russian will pay Riis close to six million Euro to take over the team that has been one of the main actors in the sport for more than a decade. Under names like CSC-Tiscali, CSC, CSC-Saxo Bank, Saxo Bank, Saxo Bank-Sungard and Saxo-Tinkoff, the Danish team has been a dominant force that has been the world's best team several times.

While Riis will no longer be the owner of Riis Cycling - the company behind the team which will now be known as Tinkov Sport - he will continue in a position as general manager. The Gazzetta report had indicated that he would be hired on a four-year contract but the Dane has only committed himself to being the manager for the coming three years.

“Riis Cycling will be renamed Tinkov Sport," Riis said. "He [Tinkov] owns 100% of the team and he will be sole owner. It also means I’ll continue in a position as general for at least three years. Tinkoff Credit Systems will become the main sponsor and Saxo Bank has agreed to become second name sponsor for 2014. For 2014 the team will be called Tinkoff-Saxo.”

Riis underlined that he had reached his decision to secure the long-term stability of the team. In recent years, main sponsor Saxo Bank has only signed one-year contracts, forcing Riis into a constant battle to find the necessary funding. At the same time, he will get more time to focus on the sporting aspect, indicating that he still intends to reclaim the position of being the best team in the world.

"After careful consideration, I have decided to sell Riis Cycling as I believe this is the right thing to do for both the team and for me on a personal level," he said. "With this deal the long-term stability of the team is secured, and the team now has the funding and foundation to continue to be a major player on the World Tour and to further raise our ambitions. Secondly I can focus on running the team's sporting department, giving much more attention to the actual racing itself and the training of our riders. I believe that today we have created a fantastic setup that enables us in the most optimal way to fulfill our ambitions in the future."

Tinkov has been a co-sponsor of the team for 18 months but walked away after this year's Tour de France, heavily criticizing the team's star rider Alberto Contador. The Russian made it clear that he wanted to own his own team and apparently time has healed the wounds.

"I’m so happy," he said. "It’s my private investment, it’s my money. Cycling is my passion. Finally I have my WorldTour team. I also have Bjarne as best team manager and Alberto as best rider. I’m so happy today."

"After our recent negotiations, Bjarne and I have reached an agreement for a buy out of Riis Cycling with immediate effect, and we have the full support of Saxo Bank," he added. "With this agreement I believe Tinkoff Sport have secured the best possible foundation and setup to reach our goal of becoming the greatest cycling team in the world over the course of the coming three years. This is going to be a big investment for Tinkoff Sport, but I have no doubt it will be great value for money." 

Saxo Bank became a co-sponsor of the team prior to the 2008 Tour de France which was won by the team's Carlos Sastre. They took over the main sponsorship for the 2009 season and has had that role for the past 5 seasons.

The bank had originally committed itself to cover the shortfall left by Tinkov's departure but has now accepted to move into the role of co-sponsor.

"At Saxo Bank, we are pleased that Oleg Tinkov and Bjarne Riis have agreed terms regarding the sale of the team," CEO Lars Seier Christensen said." Even though this means that Saxo Bank will be the second name sponsor in 2014, we believe the added economic strength and stability for the team will be an overall benefit and actually support our own sponsorship. The team has never had more resources available, and Bjarne can now focus entirely on achieving his long term goal, to create the world's best cycling team. This is an ambition we all share, and we are looking forward to working with Oleg and Bjarne to ensure that it is fulfilled.”

While the team's headquarters will still be located in Denmark, both Riis and Tinkov were keen to point out that it is an international squad with no special links to Russia or Denmark.