While many parts of Spanish cycling are struggling with the fallout from Spain’s economic crisis, Movistar secured its financial future for three more years.
The Spanish telecommunications giant extended its sponsorship with the team through 2016, assuring there will be at least one major team in the peloton flying Spanish colors.
According to a press release, parent company Telefónica is satisfied with the team’s performance and said the sponsorship will help with their international branding in Latin America and Asia.
Movistar capped its successful 2013 season with a stage win and overall victory by Beñat Intxausti at the Tour of Beijing to close out the year with 33 victories.
The news comes as a salve in Spain, where the sport is struggling to find sponsorship dollars that is crippling both events and teams.
Euskaltel-Euskadi shuttered its doors this week, ending the team’s 19-year history in Spain’s historic Basque Country.
Only Movistar and Pro Continental squad Caja Rural have survived Spain’s economic troubles.