Earlier today Riis Cycling A/S - the company behind Team Saxo Bank-SunGard - announced that Saxo Bank, a sponsor of the cycling team since 2008, will remain co-title sponsor in 2012 together with SunGard.

Commenting on Saxo Bank's decision to extend its sponsorship of Team Saxo Bank-SunGard and Riis Cycling A/S, Team owner and Tour de France winner Bjarne Riis told Roadcycling.com "It is indeed a great day for our cycling team. I am proud that Saxo Bank has a strong faith in our work and continues to see the commercial benefits in sponsoring our team."

The decision comes at a time where Riis Cycling is working to extend contracts with some of its existing riders whose contracts are due for renewal. But, more importantly, the agreement has been made before the Tour de France, allowing for Riis to initiate negotiations with riders from competing teams during the Tour de France - a race which is known for heavy contract negotiations between teams and riders.

"Since 2008 we have shown in both words and actions, that we are a great match, and I am convinced we will continue to grow together because of the obvious benefits (associated with) a long term relationship. The continuity in our partnership also means a lot for the riders and for me personally. Now we can focus all our attention on creating results and the working process of putting together a strong rider group for next year."

Commenting on its decision to extend its sponsorship of Team Saxo Bank-SunGard, Saxo Bank issued the following statement.

"Saxo Bank has always believed it was a sound commercial decision to support Bjarne Riis and the rest of the team, but at the same time it is hard to exaggerate the impact Bjarne Riis has on Danish and international cycling. We have a genuine desire to support Bjarne (Riis) and provide the team with the necessary resources it takes to stay on top. Bjarne Riis and the team are a huge inspiration and motivation for many young talents, and Saxo Bank is proud to continue to ensure [the presence of] a world class cycling team in Denmark."