Team Saxo-Tinkoff and Oleg Tinkov have both reacted quickly to today's report in La Gazzetta dello Sport that the Russian businessman has bought the cycling team from team owner Bjarne Riis for almost 7 million Euro. The Danish team denies the rumours while Tinkov has sent a tweet that clearly indicates that the story is false.

The cycling world woke up to a surprising report in today's La Gazzetta dello Sport that Russian businessman Oleg Tinkov had bought Team Saxo-Tinkoff from current owner Bjarne Riis. According to the Italian newspaper, Tinkov had paid Riis almost 7 million Euro to take over the cycling team.

However, both parties have reacted quickly to the report, firmly denying that it is true. When contacted by Danish newspaper BT, the team's press officer Allan Jørgensen was keen to point out that Tinkov hasn't taken control of the team.

"Usually, we don't comment on rumours. But I can deny that Oleg Tinkov has bought the team," he said but refused to comment on the suggestion that the parties have had negotiations. "I can only say that he hasn't bought the team."

Meanwhile, Tinkov has sent out a tweet on his Twitter account that clearly indicates that the report is false.

"It is indeed nice to be rich and famous :-)!!! They writes articles on you around the world, and usually ridiculous stuff, but entertains," he wrote earlier today.

Afterwards, his legal advisor Stefano Feltrin has dismissed the report but confirmed that the purchase is one of several options for the Russian businessman.

“It’s wrong to say that we’ve bought Riis’ team. Nothing has been signed and were still talking to a number of teams about possible projects,” he told Cyclingnews. “Following Oleg’s interview with Cyclingnews [where he confirmed that he plans to have a team in the peloton in 2015] we received proposals from several current teams, both WorldTour and Professional Continental teams, and other ideas for teams from people in Italy, France, Britain and the USA. We’re still talking to several of them and considering their proposals but nothing has been signed.

“We’re still talking to Riis, we have been talking for two months despite the past differences, but it’s just one project we’re considering.”

The report was a surprising one as Tinkov had ended his association with the team earlier this year. The Russian has been highly critical of the team's star rider Alberto Contador and had instead made an unsuccessful attempt to take over the Cannondale squad. In an interview with Cyclingnews, he had made it clear that he wanted to set up a new team but that he would probably have to sit out the 2014 season.

Riis was set to be interested in leaving the cycling world as he is currently reported to be the centrepiece of an investigation into past doping by the Danish anti-doping authorities. The investigation is based on the allegations made by Michael Rasmussen who claims that Riis accepted organized doping on his team in 2001 and 2002.