Ineos Grenadiers are close to agreeing a multimillion-pound sponsorship deal with TotalEnergies that insiders believe will restore the team’s status as one of the strongest in the peloton.
The agreement will also enable Sir Jim Ratcliffe, the Ineos chairman, to make further savings across his sports portfolio as he focuses more of his attention on his co-ownership of Manchester United.
But the partnership between Ineos and TotalEnergies, another petrochemicals giant, is seen as an essential step in securing the investment required for the cycling team to become more competitive in a men’s peloton now being dominated by
Tadej Pogacar’s UAE Team Emirates XRG and Visma-Lease a Bike, the team of Jonas Vingegaard.
Ratcliffe spends about £40million a year on the cycling team he bought from Sky in March 2019. He initially enjoyed seeing their dominance of the Tour de France continue when Egan Bernal claimed victory in Paris four months later. It was the team’s seventh Tour triumph in eight years, with Bernal their fourth rider to finish in the Yellow Jersey after the successes of Sir Bradley Wiggins, Chris Froome and Geraint Thomas.
But the team have suffered a decline despite Ratcliffe’s financial backing, with 2024 having been their worst season to date.
Ratcliffe has made no secret of a desire to cut his spending in sport,
blaming the “deindustrialisation of Europe” — and the impact that has had on the petrochemicals business — for decisions such as terminating Ineos’s sponsorship of the New Zealand rugby union team and
abandoning the pursuit of sailing’s America’s Cup.
However, he insisted
in an interview with The Times in March that he would not be severing his ties with the cycling team and was instead looking for new sponsorship.
It emerged in the cycling press that month that there had been talks with TotalEnergies, which sponsors a French professional road cycling team, and The Times can now report that a merger is nearing completion.
Ineos have declined to comment and it remains unclear how soon the merger will come into existence. It may not be until next year. But Ineos and TotalEnergies, which reported annual revenue of more than £200billion in 2022, have worked together in the past. Last year Ineos bought the French company’s petrochemical assets in southern France, having jointly owned them previously.
The Grenadiers are unlikely to pose too much of a threat to the leading teams this season.
Tom Pidcock, the Olympic mountain bike champion, has left and the team were saddened this week by Caleb Ewan’s decision to retire, despite the 30-year-old Australian sprinter having shown some impressive early-season form. He had been quick to form a strong bond with Ineos staff but, against the backdrop of an acrimonious departure from Jayco-AlUla last year, said he had fallen out of love with the sport.
Bernal perhaps represents the team’s best chance in the grand tours but the 28-year-old Colombian has so far been unable to rediscover his 2019 form in the wake of a career-threatening training crash in January 2022.