The future of Movistar Team, the longest-running in professional cycling, has been cast into doubt by reports that the title sponsor is reconsidering its backing and even looking to sell off its existing contract.
Bloomberg, a leading financial news organisation, broke the news on Saturday, reporting that telecoms giant Telefónica – the parent company of Movistar – wants out amid shifts in its own business operations and in the landscape of pro cycling sponsorship. These reports have been corroborated in the Spanish press.
