|Cervélo ends cycling title sponsorship|
Friday, 27 August 2010 09:07
Canadian bicycle manufacturer Cervélo has announced it is ending its title sponsorship of a professional cycling team.
The Cervélo Test Team was established in 2008, and took part in the 2009 and 2010 seasons.
Cervélo cited an unease with the financial pressures on professional cycling as a reason for withdrawing its sponsorship.
A Cervélo Test team statement said: ""Cervélo confirmed today that it would not continue as a cycling team title sponsor after the end of the 2010 season.
"Certain subtle changes in the rules that govern pro cycling, have established a trend towards bigger budgets to ensure participation in all the big races, and this is not something with which we are comfortable.
"We were okay with the significant commitment we originally made to the team, but to increase it is not prudent.
"We look forward to continued involvement in pro cycling at the highest level with an emphasis on product R&D (research and development), as we have since 2003.
"To that end, we will announce the details soon."