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Rumors are British billionaire will sponsor Team Sky from 2020 onwards

A British billionaire, Sir Jim Ratcliffe could sponsor Team Sky for 2020 and beyond with a bigger budget 

The deal is expected to announced next month before the Giro d’Italia. Team Sky's budget is currently £34 million pounds a year, the biggest, but may be even bigger.

66-year-old year old Sir Jim Ratcliffe’s chemical company, Ineos is rumoured to be the sponsor. Ratcliffe is himself a masters triathlete, already backs the Ineos Team UK sailing squad at an estimated £110 million. 

It is expected that Team Sky principal Sir David Brailsford will officially announce the news before the start of the Giro d’Italia on May 11.

Sky sports director Matteo Tosatto, had already confirmed a deal would be announced soon.

Team Sky recently signed multi-year deals with Chris Froome through to 2020, Geraint Thomas until 2021, and Egan Bernal to 2023. The contract extensions came despite parent company Sky announcing it would not continue its cycling backing beyond the 2019 season.

Team Sky produced the first British Tour de France winner, Bradley Wiggins in 2012.

Chris Froome won four more times and Geraint Thomas gave the team its sixth Tour title last summer.

The Team is targeting a fifth Tour with Froome and Thomas this season.

66-year-old year old Sir Jim Ratcliffe’s chemical company, Ineos is rumoured to be the sponsor.