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Danish Team Saxo Bank Loses Sponsor

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01/8/2010| 0 comments
by AP

Danish Team Saxo Bank Loses Sponsor

Danish cycling team Saxo Bank, home of reigning world time-trial champion Fabian Cancellara, will lose its primary sponsor at the end of the season. A spokesman for the Internet-based bank, which signed a three-year sponsorship deal with the team in 2008, said the arrangement "had not been optimal to reach the bank's narrow target group."

Danish investment bank Saxo Bank says it is pulling out as the main sponsor of Danish cycling team Saxo Bank.

Saxo Bank chief executive Lars Seier Christensen says the bank would stop sponsoring the team by the end of 2010. The Danish Internet-based bank became sponsor in 2008 for a three-year period.

Seier Christensen said Friday the sponsoring had been "fantastic" for the general branding of the company but "had not been optimal to reach the bank's narrow target group."

The present cycling team includes riders Andy Schleck and Frank Schleck of Luxembourg, Fabian Cancellara of Switzerland and Matti Breschel of Denmark.

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