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Monday, December 1, 2008 Riis Cycling Sponsor declares Bankruptcy by VeloNation Press at 7:58 AM EST   comments Categories: Pro Cycling   One of the worlds most successful cycling teams has again lost a major sponsor. Bjarne Riis' newest addition, software firm IT Factory, has declared bankruptcy after its chief executive Stein Bagger was reported as a suspect in the embezzlement of at least $85 million dollars. This is a hard hit to the Saxo Bank sponsored team, as IT Factory was to replace CSC as the teams co-sponsor. The market for cycling sponsorship seems to have dried up forcing Credit Agricole and Gerolsteiner to close up shop for good this year. Now Germany's Team Milram is re-evaluating its cycling sponsorship and could potentially deal another tough blow to the sport. Riis confidently told the Associated Press, "We need to go out and find a new sponsor. The team won't shut down." Meanwhile, IT Factory chairman Asger Jensby confirmed that the company had filed for bankruptcy. He also acknowledged that the company has reported Bagger, its now missing chief executive, to the police suspecting fraud. Bagger disappeared last week during a trip to Dubai and the situation has been reported to Interpol.       comments Follow @Pro_Cycling Tweet Subscribe via RSS or daily email Contact the editor about this article