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Report: Movistar could see budget double in 2023 with backing from new sponsor

Movistar confirms a new co-sponsor will be announced soon.

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Team Movistar could see a huge budget boost from a major new backer in 2023.

Spanish radio show Onda Cero reported Monday the oil and gas powerhouse Repsol would sponsor Movistar starting in 2023 and double the team’s budget. The Madrid-headquartered energy giant boasts a €50+ billion revenue through a portfolio of activities.

Team officials later said a new co-sponsor is coming on, but refuted reports that it is Repsol. An announcement is expected next week. It is unclear whether the deal would extend to the Women’s WorldTour team.

Team boss Eusebio Unzué hinted during the close of this year’s Vuelta a España he was confident of his squad’s finances for the coming season and was in discussions with sponsors to secure added budget with its future WorldTour license now guaranteed.

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A doubling of Movistar’s bank balance in 2023 would bring it closer to the level of super-squads like UAE Emirates, Ineos Grenadiers and Jumbo-Visma.

A doubling in funding will provide significant added weight in the transfer market as the team looks to move forward after the retirement of longtime centerpiece Alejandro Valverde.

Enric Mas is set to shoulder the hopes of his home squad in 2023 after enjoying an end-of-season flourish that saw him harvest second-place at the Vuelta, a first one-day win at Giro dell’Emilia, and second at Il Lombardia.

Those results helped assure Movistar’s WorldTour future in the rolling, three-year points ranking system going into 2023.

Colombian sprinter Fernando Gaviria and Portuguese climber Ruben Guerreiro are both linked to possible moves to Movistar for 2023. Breakout Spanish star Carlos Rodríguez, who lit up the late season with Ineos Grenadiers, has also been touted as a new name for the squad in the future.