Team Sky have officially become Team Ineos to reflect their new sponsor, a chemicals firm owned by Britain’s richest man Sir Jim Ratcliffe.
Broadcaster Sky said in December it would end its decade-long commitment at the end of 2019, during which time the team Sky have won eight Grand Tours.
Ratcliffe is worth £21bn and has been in talks with Team Sky principal Sir Dave Brailsford for several weeks.
The new team’s launch will take place at the Tour de Yorkshire on 2 May.
Ineos will become the sole owners of the team from 1 May and says it “will continue to fund the current team in full, honouring all existing commitments to riders, staff and partners”.
Ratcliffe, chairman and chief executive of Ineos, said: “Cycling is a great endurance and tactical sport that is gaining ever more popularity around the world.
“Equally, cycling continues to mushroom for the general public as it is seen to be good for fitness and health, together with easing congestion and pollution in city environments.
“Ineos is delighted to take on the responsibility of running such a professional team.”
Team Sky was launched in January 2010 and has amassed 327 victories since, including the eight Grand Tours.
Current riders Chris Froome and Geraint Thomas have won five Tours de France between them, and Welshman Thomas signed a new three-year deal in September after winning his first Tour last July.
Brailsford, who will continue in his role as team principal, said: “Today’s announcement is great news for the team, for cycling fans, and for the sport more widely.
“It ends the uncertainty around the team and the speed with which it has happened represents a huge vote of confidence in our future.
“In Sir Jim Ratcliffe and Ineos, I know we have found the right partner whose vision, passion and pioneering spirit can lead us to even greater success on and off the bike. It heralds the start of a hugely exciting new chapter for us all as Team Ineos.”
Ineos is Britain’s largest privately owned company and in 2018 posted annual pre-tax profits of £2bn.
Ratcliffe has already invested £110m in Ben Ainslie’s Americas Cup team.
Team Sky have dominated the Tour de France in recent years, winning six of the past seven editions, while Froome also won the 2017 Vuelta a Espana and the 2018 Giro d’Italia.
However, the efficient style and big spending that underpinned Sky’s success has been unpopular with some fans, particularly in France.
The team has also been subject to allegations of cheating.
Froome, 33, had an anti-doping case brought against him and subsequently dropped by governing body the UCI, while former rider Bradley Wiggins has faced questions over his use of a medical exemption for hayfever medication.
The UK Anti-Doping Agency also conducted a 14-month investigation into a ‘mystery package’ delivered to then-team doctor Richard Freeman on the final day of Wiggins’ successful Criterium du Dauphine bid in 2011.
Team Sky, Froome and Wiggins deny any wrongdoing in all three cases.
BBC sports editor Dan Roan
This has been a remarkable turnaround in fortunes for arguably the country’s most successful and controversial sports team.
Only a year ago, a group of MPs accused Team Sky of “crossing the ethical line”. Although that was denied, once Sky announced it was pulling out, the future looked bleak.
Some felt team boss Sir Dave Brailsford’s bid to find a saviour could be scuppered by the medical tribunal of the team’s ex-doctor. Richard Freeman denied a charge that he ordered a mystery delivery of testosterone to help a rider to cheat.
But the case was bogged down in legal argument, then adjourned, damaging headlines were avoided, and now the team has been saved.
From therapeutic use exemptions to ‘jiffybags’, Sir Jim Ratcliffe will have weighed up the team’s various scandals in recent years, but concluded their unprecedented success is worth being associated with.
This will come as a huge relief to the team’s staff and fans who will be delighted that their star riders will now stay. Others however will be concerned that the dominance of cycling’s wealthiest team could continue, making races too predictable.
Joining forces with Ratcliffe allows the team to preserve their British identity, although some will point out reports of the billionaire’s controversial recent move to Monaco for tax reasons.
More to follow.
Team Sky have officially become Team Ineos to reflect their new sponsor, a chemicals firm owned by Britain’s richest man Sir Jim Ratcliffe. Broadcaster Sky said in December it would end its decade-long commitment at the end of 2019, during which time the team Sky have won eight Grand Tours.