As previously reported, IAM Cycling had been struggling to find a secondary sponsor before the end of this month, in order for the Swiss team to continue on for 2017.
However, after failing to find a partner, the team’s founder, Michel Thétaz, announced this morning, that IAM Cycling will fold at the end of this season.
“IAM Cycling will cease operations at the end of the 2016 season,” said Thétaz. “This is a failure for which I take full responsibility. In these four years of intense activity, which have been marked by unforgettable memories, IAM has enhanced its credibility and received enviable visibility.”
IAM Cycling has been funded over the last three years primarily by Thétaz’s investment management company, IAM Funds. The team was initially registered as a Pro Continental team in 2013, earning its first significant overall victory at the Tour Méditerranéen.
However, despite being elevated to WorldTour status in 2015, IAM Cycling has struggled to compete at the highest level.
This season, IAM Cycling has only garnered five victories, and is currently ranked 14th amongst the 18 WorldTour teams.
Throughout the season, Thétaz has tried in earnest to find a sponsor to invest in his team to no avail. And, at this point, he believes it’s better to step away from the sport all together, than to see IAM Cycling forced to drop back down to the Pro Continental level.
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