Orica announced it will end its sponsorship of the Australian WorldTour team, Orica-GreenEdge, at the end of 2017 due to the “challenging environment facing the resources and mining services sectors”.
“We are really happy to continue another year with Orica and we are looking forward to keep on delivering results above expectations,” team owner Gerry Ryan said in a press release issued by the team.
“Exiting the partnership after 2017 was not a decision made easily,” said Orica Vice President of Corporate Affairs, Samantha Stevens.
“However, given the more challenging environment facing the resources and mining services sectors, it is the appropriate decision for Orica at this time. We wish the teams all the best for the future.”
Orica’s sponsorship renewal for one more year, will hopefully give the team’s management enough of a time frame to find a replacement sponsor for Australia’s first and only WorldTour team.
The team began as GreenEdge in 2012 with a large sum of its money coming from owner Gerry Ryan, who became one of Australia’s richest men with the global travelling show, Walking with Dinosaurs.
The average WorldTeam budget is around £11 million with some teams, like Sky, enjoying £24 million. Orica-GreenEdge’s budget is around the average, or £11 million. Ryan puts in some of his money, but will need to help the team find a backer to make up the rest to continue into 2018 and to keep stars like the Yates, whose contracts end this season.
Ryan said: “They have been a great partner for us and we will of course continue our efforts to build this team even stronger going onwards.”
Orica also currently sponsors the women’s WorldTour team, Orica-AIS, which they will end in 2017 as well.
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