Bjarne Riis secures major budget for strong continuation of successful team after Andy Schleck and Frank Schleck abandon ship. Saxo Bank to Continue Cooperation with Riis Cycling - 2011 Team named Team SunGard-Saxo Bank.

At a press conference at Hotel Skt. Petri in Copenhagen, Denmark earlier today it was announced - and reported first by Roadcycling.com - that Saxo Bank will continue its sponsorship of Team Saxo Bank in 2011. Saxo Bank will continue its cooperation with Riis Cycling headed by Tour de France winner Bjarne Riis, but Riis Cycling will welcome on board Sungard as new team co-title sponsor.

Chief Marketing Officer Brian Robins told Roadcycling.com after the press conference "We are pleased to extend our sponsorship of Riis Cycling in 2011 and join Saxo Bank as a co-title sponsor. We share Saxo Bank's enthusiasm for this project and we are looking forward to renewing our collaboration."

Robins added "The new team represents a fantastic opportunity to gain visibility for our brand in front of a global audience."

Lars Seier Christensen Co-CEO of Saxo Bank said: "We're proud of the team and proud of being a sponsor. Sometimes plans do change - and that is the case in this matter. What has changed .. I followed the team during the last week of the 2010 Tour de France and listened to the plans shared with me by Bjarne Riis and the riders and I realized that these plans were too good to miss out on for us."

Seier Christensen added "We want to support Bjarne in his stubborn fight to create the world's best pro road cycling team. It is a great motivation for young Danish cycling talents to witness the success of a Danish ProTour team. Cycling is becoming increasingly popular. Saxo Bank was not the secret sponsor announced during the 2010 Tour de France, and we are happy that that secret sponsor has decided to step aside, this allowing for Saxo Bank to continue its sponsorship of the team."

Bjarne Riis added "We've experienced a fantastic cooperation with Sungard in 2010. It is an amazing feeling having been able to convince new team title sponsor Sungard of taking on a full sponsorship after just one season as a minor sponsor of our team.

When asked about the criminal investigation currently taking place against Saxo Bank Bjarne Riis said, "I have confidence in Saxo Bank, beyond this I decline to comment on the current investigation against Saxo Bank."

The team has the same contract and terms with Specialized for 2011 as has been the case for 2010 according to Riis. Specialized has not been negotiating with Riis about a title sponsorship at any point.

As reported by us in another article Alberto Contador has signed with Team SunGard-Saxo Bank for 2011 and 2012. Last week Roadcycling.com reported that Alberto Contador will leave Team Astana after this season and speculated that Contador would sign with Riis Cycling and Team Saxo Bank.

As previously announced by Andy Schleck and Frank Schleck directly, the two brothers will leave Team Saxo Bank after the 2010 season. More riders are rumored to be jumping ship and having already signed or being about to sign with teams such as Team Quick Step and the new Luxembourg-based Team Leopard True Racing headed by former Riis Cycling and Team Sky PR-manager Brian Nygaard and former Team Saxo Bank sports director Kim Andersen. These riders allegedly include German powerhouse Jens Voigt, Jacob Fuglsang and Matti Breschel. Bjarne Riis has been unable to extend contracts with these riders in time because of lack of secured funding for the 2011 season as only one title sponsor had signed with Riis Cycling until today.

About the team sponsors:

SunGard provides software and processing solutions for financial services, higher education and the public sector.

Saxo Bank is an online trading and investment company enabling clients to trade Forex, CFDs, Stocks, Equities, Futures, Options and other derivatives, as well as offering portfolio management.