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Pinarello reportedly up for sale
Pinarello could be changing hands again.
Unquote reports that L Catterton, the private equity fund that bought the Italian bike brand in 2016, is entertaining offers to sell. Investment bank Houlihan Lokey will lead the sale.
By all accounts, it has been a good investment for the firm, with sales increasing from 46.0 million euros to 84 millions euros since 2019, rising 24% in the last year alone, according to BRAIN.
Israel-Premier Tech ‘determined’ to return to WorldTour
Yesterday was a rough day for Israel-Premier Tech. The team officially fell out of the WorldTour alongside Lotto-Dstny (formerly Lotto-Soudal), when the UCI announced 2023 team licenses.
The team has been relegated to second tier ProTeam status for 2023, a fate which it seems to have begrudgingly accepted despite earlier rumors of potential legal action.
In a statement the team said, “Israel-Premier Tech acknowledges yesterday’s decision from the UCI to register the team as a ProTeam in 2023. Naturally, we are disappointed, considering the disruptions caused by the COVID pandemic these past three seasons, which hit our team very hard. Nevertheless, IPT will continue to fight for victories at the biggest races in the cycling calendar.”
The team wants to return to the sport’s top stage as soon as possible.
“We are determined to return to the WorldTour, and in the meantime, will continue to race with the motivation and resilience that saw the team win two stages at this year’s Tour de France.
“We are proud of our riders and staff and the strength of our organization, and are approaching the coming season with enthusiasm and confident in our ability to keep on performing and winning.”
Regardless of the demotion, the squad remains quite strong with stars including Michael Woods, Chris Froome, and Jakob Fuglsang.
Statement regarding IPT’s ProTeam registration 👇 pic.twitter.com/yKXMb6GX13
— Israel – Premier Tech / Israel Cycling Academy (@IsraelPremTech) December 13, 2022
Lotto-Dstny confident in invites to top races despite demotion
Lotto-Dstny was also demoted alongside Israel-Premier Tech from WorldTour to second-tier ProTeam status for 2023.
With the loss of WorldTour status also comes the loss of automatic invites to cycling’s biggest races like the Tour de France.
Team manager Kurt Van de Wouwer is rosy on the team’s outlook, however.
“Thanks to the good results in the 2022 season, we have the certainty that we will again be present in all major races in 2023: the Tour de France, Tour of Flanders, Paris-Roubaix and all other races on the highest level in which our riders want to show themselves,” he said in a statement released by the team yesterday.
Lotto-Dstyny chief business officer Yana Seel acknowledged the financial difficulties the team faces next season with less certainty over which races it will be invited to.
“The step to the ProTour presented us with a budgetary challenge, but we can handle it,” Seel said.
“The commitment and support of our main sponsors illustrate how appealing our team will be commercially in 2023 as well. Just last week we were able to announce the arrival of Efficy as one of our new partners. With the ProTour logo on our shirt, we still offer our partners visibility on the highest international podium of cycling.”