Russian banker Oleg Tinkov has finalized the buyout of Riis Cycling A/S, according the official webpage of the company.

      According to the press release, Oleg Tinkov has become the sole owner of “Riis Cycling, the firm behind the professional cycling team, which name has been changed to Tinkoff Sport A/S”.

      Tinkov’s bank, Tinkoff Credit Systems, will be the main title sponsor of the team in the coming three years.

      Saxo Bank, specializing in trading and investment, has agreed to continue its sponsorship of the team in 2014 as a second name sponsor. In 2014, the team name will be "Tinkoff-Saxo".

      Tinkoff Sport's CEO is expected to be Stefano Feltrin, and Bjarne Riis has agreed to a three year contract as team manager.

      "After our recent negotiations, Bjarne and I have reached an agreement for a buy out of Riis Cycling with immediate effect, and we have the full support of Saxo Bank. With this agreement I believe Tinkoff Sport have secured the best possible foundation and setup to reach our goal of becoming the greatest cycling team in the world over the course of the coming three years. This is going to be a big investment for Tinkoff Sport, but I have no doubt it will be great value for money," said Oleg Tinkov.

      According to team manager Bjarne Riis, he agreed to the deal to secure long-term financial stability for the team.

      The company's office and service course will remain in Lyngby, Denmark, reads the statement.