Saxo Bank to end sponsorship of Tinkoff-Saxo cycling team

COPENHAGEN, Denmark (AP) Denmark's Saxo Bank says it will not renew its sponsorship of the Tinkoff-Saxo cycling team, which includes two-time Tour de France champion Alberto Contador.

Saxo Bank head Lars Seier Christensen says the bank has decided not to renew the eight-year deal when it ends at the end of the 2015 season, even though it was ''extremely proud of the numerous successes we have achieved together during this time.''

Thursday's announcement by the Copenhagen-based bank means Russian billionaire Oleg Tinkov will remain the sole sponsor of the team. In 2013, Tinkov bought out team founder Bjarne Riis for an undisclosed sum.