- Aug 20, 2017
I wonder if that £2.8 million has anything to do with Dawg's "problem" at the 2017 Vuelta.Team Sky’s budget for 2017 was £34,496,000, up 11% on the previous year as the screengrab from their filed accounts shows. It was equivalent to US$46.2 million or €38.6 million.
Again that’s for the year ending 2017, once the calendar year is done the accounts for Tour Racing Limited, the corporate entity better known as Team Sky are prepared and this time they were signed off in June. The team used to filed the accounts during July but now they’re posted just ahead of the statutory deadline of September (helpfully avoiding budget talk during the Tour?)
One note in the account mentions a provision for £2.8 million. This means they’ve set aside this money expecting “economic outflow to be probable”, a fancy way of saying they might have to cough up this money. This might be a small footnote in the accounts and a technical accounting matter but as a lump of cold hard cash it’s still significant.
Team Sky’s budget for 2017 was £34.5 million, their highest amount and by extension the biggest ever seen in the World Tour. This reflects an increased wage bill. 2018 should be bigger and it’s likely 2019 will be even bigger as they’ve just re-signed Geraint Thomas on a huge contract and according to The Cycling Podcast they want to give Egan Bernal a five year deal worth millions, quite possibly the biggest and longest contract to date in pro cycling.
There’s been a lot of talk about team budgets, caps and more. Yet there’s no hard data for the World Tour meaning a public debate built on guestimates. The UCI does get each team audited but the findings are kept very private. Sky are one of the rare teams to publish a full set of accounts (Ag2r La Mondiale do to), it’s a legal requirement in the UK. Keep an eye on the stockmarket takeover of Sky which could change the title sponsorship in the years to come.