Denmark's Saxo Bank says it will extend its sponsorship deal with the cycling team which bears its name through 2012. Saxo Bank chief executive Lars Seier Christensen says the internet-based investment bank will remain co-sponsor of the team, which includes reigning Tour de France champion Alberto Contador.
Last year, the bank said it would end its sponsorship deal because it was not effective in reaching the bank's target group. However, Christensen said Tuesday the bank had "a genuine desire" to support team owner Bjarne Riis. He said the team would get "the necessary resources" but declined to disclose the size of the deal. The team's other co-sponsor is SunGard, an IT services company based in Wayne, Pennsylvania.