geox pulls sponsorship.

geox-tmc was off to a rather shaky start early in the road racing season.  they weren’t placing at some of the big races early in the season (or weren’t invited) – the team failed to secure worldtour status, even with the inclusion of carlos sastre and denis menchov.  they relied on wildcard invitations to the giro and vuelta, the latter race proving to be the most fruitful (for the riders and sponsors).  it somehow wasn’t good enough for lead sponsor of the team, geox.  they’ve pulled their sponsorship from underneath the team and they “later confirmed that Geox will cease its sponsorship at the end of the year, but the team’s management company could appeal to the Court of Arbitration for Sport for compensation from the shoe-maker.”.

club deportivo bike live, the holding company that manages the team, stated that, “in breach of contractual obligations, the Geox company has inexplicably refused to deposit the bank guarantee required to complete the registration of the team on [sic] the UCI.  Club Deportivo Bike Live will ask Geox for the execution of contracts and some compensation regarding damages before the Court of Arbitration for Sport in Lausanne.  The team of Bike Live may not be able to continue for these reasons.”  in short, geox broke their contractual agreement, which may end up halting the uci license process for 2012.  and even if geox compensates the holding company, it might just be too late for the team.

read the full details on cycling news and inrng, photo from steephill.

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