IAM Cycling are to fold at the end of the 2016 season.
The Swiss based World Tour team have been unable to find a new co-sponsor and will finish at the end of the year.
Their owner Michel Thétaz, who is the CEO for the Geneva based Independent Asset Management company, said in a press statement: “IAM Cycling will cease operations at the end of the 2016 season.
“This is a failure for which I take full responsibility.”
“In these four years of intense activity, which have been marked by unforgettable memories, IAM has enhanced its credibility and received enviable visibility.”
“We have arrived at a key moment in the team’s evolution with the prospect of entering a new three-year cycle; however, that proved to be an impossible undertaking for IAM Cycling since we have failed to find a co-sponsor.
“It was unthinkable to consider returning to the lower levels or even play a subordinate role to the greatest teams with budgets of [€]12 million.”
“Of course, I regret this situation, but I prefer to rejoice in what we have accomplished over the past four years.”
Source: DSG
