Team Sky will be known as Team INEOS from May 1, 2019. (TeamSky.com)

Sky and 21st Century Fox have agreed the sale of Team Sky to INEOS.

INEOS will become the sole owners of Tour Racing Limited (the team’s holding company) from 1 May this year and will continue to fund the current team in full, honouring all existing commitments to riders, staff and partners.

The launch of Team INEOS will take place at the Tour de Yorkshire which starts in Doncaster on 2 May. 

Sir Dave Brailsford, 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 that 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. I would like to personally thank Jeremy Darroch, who over a decade ago had the vision to back us when others thought we were crazy. His support for the team through thick and thin has been remarkable and everyone at Team Sky thanks him for all he has done for our sport.”

Source: TeamSky.com