IAM Cycling have announced that they will cease to exist when the 2016 season ends after the Swiss WorldTour team's management failed to secure a co-sponsor.
The team's owner Michel Thétaz issued a brief statement on Monday morning announcing that the squad would end and apologised for his 'failure' in not being able to continue the team's 'beautiful adventure'.
The squad started racing in 2013 as a Professional Continental-level team, and moved up to the WorldTour for the 2015 season having racing in the 2014 Tour de France on a wildcard entry. The team had previously said that it was seeking a co-sponsor in order to continue in the WorldTour.
>>> IAM Cycling could drop one-year contract policy to attract big name riders
"IAM Cycling will cease operations at the end of the 2016 season," said Thétaz. "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."
Having reached the top-flight WorldTour, Thétaz is reluctant to move the team back down to Professional Continental level, saying: "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."
The statement says that the riders and team staff were notified of the team's imminent closure on Monday morning prior to the release of the statement.
IAM - Independent Asset Management - deals with a range of investments and asset management based in Geneva. Thétaz is the company's CEO.
Watch: Men's WorldTour contenders 2016
IAM Cycling are currently ranked 14th out of 18 teams in the UCI's WorldTour ranking. The team is currently taking part in the Giro d'Italia, where Marcel Wyss is their highest-placed rider overall in 50th place. Former UCI Hour Record holder Matthias Brandle was second in the stage nine individual time trial.
The team has taken five victories so far in the season, none at WorldTour level.
The squad is currently home to 28 riders, including Leigh Howard, Jerome Coppel, Heinrich Haussler, Matthias Brandle and Jarlinson Pantano.
The end of IAM means that their WorldTour place will be available to another team for the 2017 season.
Thank you for reading 10 articles this month* Join now for unlimited access
Enjoy your first month for just £1 / $1 / €1
*Read 5 free articles per month without a subscription
Join now for unlimited access
Try first month for just £1 / $1 / €1
-
-
'It's the ultimate drop bar bike' - Mosaic Cycles introduces new RT-1 model
Mosaic, the builders of custom titanium dream bikes, today unveiled a "sleeker, more capable" version of its flagship road racer, the RT-1
-
Cannondale Topstone loses 160g with new Lab71 edition
American bike brand gives its flagship gravel bike the high-end carbon treatment
-
Global backers in talks over new British WorldTour team
Former management of Ribble Weldtite courting interest in new project
-
‘Current WorldTour system is killing all the smaller teams,’ says Reinardt Janse van Rensburg
South African ex-Lotto Soudal rider fears more teams could find themselves in B & B Hotels-KTM situation if the system doesn’t change
-
As Cristiano Ronaldo puts the boot in, Jumbo-Visma talk to Manchester United about tactics and managing egos
The Dutch team’s senior sports director has spoken to Manchester United’s manager for sporting advice
-
'It's a really absurd way of racing' - EF boss Jonathan Vaughters on WorldTour relegation scrap
EF Education-EasyPost manager says he hated racing for UCI points
-
Trek-Segafredo win the Ceratizit Challenge by La Vuelta team time trial
Elisa Longo Borghini led the American squad home and will take the leader's red jersey into the remaining four stages
-
Seven woman teams a possibility at the 2023 Tour de France Femmes
Race Director Marion Rousse confirms the organisers ASO are considering other changes for 2023, including the possibility of a time trial
-
“I feel my legs a bit less when I hear the crowd,” riders react to the Tour de France crowds
Huge crowds, excellent organisation, a good route and plenty of press attention, the Tour de France Femmes avec Zwift is a huge step for the women’s sport
-
Gear check: What gear ratios did riders choose to conquer the Grand Ballon?
Before Saturday's seventh stage in the Vosges Mountains Cycling Wweekly took a look at the preferred fear ratios in the Tour de France Femmes peloton
