London, United Kingdom: Sky and 21st Century Fox have agreed the sale of Team Sky to chemicals giant Ineos, Team Sky announced on Tuesday.
Ineos, owned by Britain's richest man, Jim Ratcliffe, will become the sole owners from May 1 and will continue to fund the current team in full, honouring all existing commitments to riders, staff and partners, the statement said.
The launch of Team Ineos will take place at the Tour de Yorkshire, which starts on May 2.
"Cycling is a great endurance and tactical sport that is gaining ever more popularity around the world," said Ratcliffe, who has an estimated fortune of £21 billion ($28 billion, 24.5 billion euros).
"Ineos is delighted to take on the responsibility of running such a professional team," he added.
Team Sky riders have won six of the last seven Tour de Frances.