Oleg Tinkov backs Bjarne Riis

Bjarne Riis and Oleg Tinkov.

The new partner for Bjarne Riis' cycling team was announced Monday on a press conference and despite rumors of it being a Spanish bank, it's now confirmed that it's in fact is the Russian bank, Tinkoff Bank, who will be the new co-sponsor together with Saxo Bank. The new name is Team Saxo Bank - Tinkoff Bank.

"We are proud to return to cycling and to be sponsoring this team and Bjarne Riis who is without a doubt the best manager in the cycling world", Oleg Tinkov told the press.

Oleg Tinkov has been out of the cycling game for a while but is now back starting already from the Tour de France and until 2013 with the proclamed goal of being "the best team in the cycling world already from next year".

New jersey for Tour de France.

The new deal also means that Bjarne Riis finally will be able to increase his budget and thereby strengthen the roster as well. "The team will - for sure - be stronger next year. I won't name any names right now, but I'm working on it", Riis explains.

Last year Saxo Bank opened a representative office in Moscow, but since Bjarne Riis didn't managed to sign Denis Menchov it seemed like the Russian connection was dead. That being untill today. Not only will Tinkoff Bank partner up with Saxo Bank in matters of the cycling team they will also start a project together in Russia  later this year.