Dorel announced Tuesday that its Cannondale brand acquired a majority ownership of the Cannondale Pro Cycling team and Brixia Sports and that it had ended discussions with Tinkoff Credit Systems.
Cannondale began a relationship with Brixia Sport in 2007 as the technical sponsor for the Liquigas Pro Cycling Team. In 2010, Cannondale became a co-sponsor of the Liquigas-Cannondale Team and became title sponsor in 2013 with the creation of Cannondale Pro Cycling.
"This further investment underlines our respect and the value for the accomplishments of the Cannondale team and recognizes the many benefits this association has brought to the Cannondale brand," said Martin Schwartz, Dorel president and CEO in a press release. "Additionally, it comes on the heels of our acquisition of the Caloi brand in Brazil and our intention to market Cannondale throughout Latin America."
The company said it will continue to develop young, talented international riders such as Peter Sagan, winner of two Tour de France green jerseys, and rising stars like Moreno Moser, Elia Viviani and newly crowned U23 World Champion Matej Mohoric.
"2013 has been an amazing year for Cannondale Pro Cycling athletes and for the awareness of the Cannondale brand," said Bob Baird, CEO of Cannondale Sports Unlimited. "We're confident the team will be extremely competitive in races and will continue to create unparalleled awareness for the Cannondale brand. We have seen an increase in our market share of Cannondale since beginning this association and expect this to continue."
