Team Sky will announce their new backer Ineos chemical company on Tuesday and likely change the team name prior to the 2019 Tour de France in three months, says a source.
The source explained to Cycling Weekly that team boss David Brailsford will announce the deal with Jim Ratcliffe on Tuesday, unsure if there will be a press conference in the UK or a media statement.
Sir Ratcliffe, 66, is the UK's richest person. He had been linked to taking over the team - which lose Sky Media as lead sponsor after 10 years - with his Ineos company.
>>> UPDATE: Team Sky officially confirm takeover by new sponsor Ineos
"The news will certainly come out tomorrow," the source told Cycling Weekly.
"You'd imagine they would do a press conference in London or something, but it's uncertain if it will be that or just a media statement."
The news will see Ratcliffe continue Team Sky beyond the 10 years they have already raced, which includes six titles in the Tour de France with Bradley Wiggins, Chris Froome and Geraint Thomas.
"It's likely the name will change too," said the source. "Before the Giro d'Italia? I don't think so. Before the Tour de France, probably so."
Last week, another source said that with Ratcliffe the budget will increase. Right now, the team runs on around £34 million annually, the biggest budget of cycling's top WorldTour teams.
>>> Who are Sir Jim Ratcliffe and Ineos, Team Sky’s potential new sponsors?
Tour de France 2018 winner Thomas spoke to Cycling Weekly and couple of other journalists on Friday at the Tirreno-Adriatico stage race.
"If it's sorted sooner, then everyone is a bit more at ease," Thomas said.
"You'd hope to think that we'd find something. We are in the best position too, we are one of the best sports teams around, let alone in cycling so you'd hope we could find something."
Early rumours had the team linked to potential backers from the US and from Colombia. Now, the team will keep their British roots firmly in place.
"If they stay British and they keep the same values then that'll be a bonus," said Thomas. "Any sponsor coming into the sport is good news."
It is unclear if Thomas, Chris Froome or recent Paris-Nice winner Egan Bernal will attend an event, if there is one, announcing the team's new backer.
The source said that the team could become Sky-Ineos or Ineos-Sky, or just Ineos, already by the time the Tour de France starts in Brussels on July 6.
-
-
Cinelli Pressure road bike review
Cinelli's aero bike channels The Clash's London Calling album - but does it smash it?
By Simon Smythe •
-
'Otherwise I won't be able to sleep for a week': Ganna and Küng miss out on Olympic medals by slimmest of margins
The world and European champions miss out by a matter of seconds over 44km course
By Jonny Long •
-
Ineos Grenadiers end partnership with Castelli in favour of new clothing sponsor
After five successful seasons, the British racing outfit is now parting ways with its Italian clothing partner
By Stefan Abram •
-
Early GC time gaps don't make much difference to eventual Tour de France podium, argues Ineos' Michał Kwiatkowski
The Polish super domestique says the British team were prepared to spend more energy early to keep GC riders safe, but even that can prove insufficient at the Tour de France
By Jonny Long •
-
Luke Rowe explains why he was handed fine on Tour de France stage three
The British rider was fined by commissaries for 'assault, intimidation, insults, threats, improper conduct'
By Cycling Weekly •
-
Tom Pidcock returns to road racing at Italian one-day race
The British rider is back racing just three weeks after breaking his collarbone
By Tim Bonville-Ginn •
-
Geraint Thomas: 'You need to be able to do everything well to win the Tour, it's not just about climbing'
The Brit gives his preview of the upcoming French Grand Tour where he will be vying for the yellow jersey
By Jonny Long •
-
Ineos announce their full Tour de France 2021 squad
Here is the eight-man team the British outfit will be taking to the French Grand Tour
By Jonny Long •
-
Rohan Dennis to join Jumbo-Visma from Ineos Grenadiers, reports suggest
The Australian joined the British team two years ago but it looks like he is on his way out
By Chris Marshall-Bell •
-
Ineos 'confident' ahead of Tour de France after Carapaz seals team's fifth 2021 stage race win at Tour de Suisse
The British team head to France with a squad containing the winners of this year's Dauphiné, Tour de Suisse and Tour de Romandie
By Tim Bonville-Ginn •
