Saxo Bank's future unclear
On Tuesday, Fabian Cancellara admitted that the signing of Alberto Contador to team Saxo Bank was the main reason he left the team. Originally concerned he would lose the focus of the team, the Swiss rider may be very lucky to have
gotten out while he had the chance. Bjarne Riis’s Danish-based team is finding itself embroiled in doping scandals and reports into the stability of their title sponsor, Danish bank Saxo Bank.
“Bjarne Riis has been very important for my career, but when Alberto Contador was signed, I knew that would mean significant changes for me,” said Cancellara to
Diario Vasco. “I can’t afford to have a season not at the top, losing my balance. I learned a lot from Riis, but I have to have a good environment at all levels. There is money in cycling and business deals, but that alone does not win races. At Saxo
Bank we had a great time and I want to continue with that group of people.”
The most direct threat to the stability of the team and their ability to continue their recent record as one of the world’s best cycling teams is the doping case of Alberto Contador. When two-time Tour de France runner-up Andy Schleck announced that he would
be leaving Bjarne Riis’ team, the management made the impressive move of immediately signing Contador, the man responsible for keeping Schleck at the top podium spot at the Tour in the last two years.
In September, it became public that Contador had tested positive for banned substances during the Tour. The on-going case has received significant public debate, with support coming primarily from his past and future team-mates and from the Spanish cycling
industry.
“I am driven by a rage that you cannot even imagine, and a horrible powerlessness,” said Jesus Hernandez, who will be making the move with Contador from Astana to Saxo Bank. “This is an injustice and we hope soon that everything
will be back in order. He is innocent.”
Riis announced that he had a backup plan for a 2011 season without the Spaniard, but with the recent confirmation that the rumours of talks with four-time world time-trial champion Thor Hushovd were unfounded, that may spell an end to the Danish team’s best
alternative to Contador.
"Yes, I asked him about where he stood when his team was about to disintegrate. I was obviously interested, because Thor is a good rider," said Riis. "I think he is a worthy champion. He is a strong rider and a serious athlete - one who deserves to win big
races. This is something that excited me. We still have a good team, although we lost Fabian Cancellara. We'll be ready when the season starts."
Though Riis still has an optimistic outlook, another controversy may be in the works. The title sponsor of the team is allegedly under investigation by the Danish government, according to news agency
politiken.dk. Saxo Bank co-owner Lars Christensen recently came forward to express his support of Bjarne Riis’s cycling team and the accused rider Alberto Contador, who is being investigated under suspicion of using banned performance-enhancing substances.
“We will respect our commitment to the team, with or without Contador,” said Christensen. "I've been talking a lot with Bjarne Riis, who I know has talked to Contador several times. Contador should know that we believe in his innocence.
We respect the sponsorship agreement and we want to have Contador with us."
However, he went on to state that the bank would continue to support the Spanish cyclist even if he is found guilty, putting his commitment to a doping-free team in doubt. Then
politiken.dk announced that Christensen had put up his share of the Danish bank for sale.
"The whole shop is up for sale. There are exit plans for all three major shareholders," said a source close to the deal speaking to the Danish news website.
“The process is currently delayed by the fact that the Danish authorities are currently investigating a number of issues about Saxo Bank.”
The three major shareholders are Christensen, co-founder Kim Fournais and the private equity fund General Atlantic, each owning approximately 30 percent of the bank. As for whether it’s true that all three shareholders have put
up their stock for sale, and whether or not the bank is indeed under federal investigation, Saxo Bank spokesperson Kaspar Elbjørn said, “We will not comment on such rumors."
Tags: