LONDON (AP) — Britain's richest man has bought the Team Sky cycling team, which will be renamed Team Ineos.
Jim Ratcliffe, who is the chairman of chemicals giant Ineos, is reported by the Sunday Times rich list as being worth 21 billion dollars (18.5 million euros).
Ineos pledged in a statement on Tuesday to honor all "existing commitments to riders, staff and partners."
The team's launch takes place at the Tour de Yorkshire which starts in Doncaster on May 2.
Sky's long-time team principal Dave Brailsford welcomed the move, saying "it ends the uncertainty around the team" and "represents a huge vote of confidence in our future."
Sky has won six of the past seven Tour de France races, with Chris Froome winning four times and Bradley Wiggins and Geraint Thomas winning it once.
British broadcaster Sky announced its withdrawal from the sport last December following the European pay TV giant's takeover by American company Comcast.
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