iShares pulls out of cycling

On 16th June, Team Phonak announced that presenting sponsor iShares had signed a three-year contract to become the team's title sponsor. The Barclays-owned company has now announced it will no longer sponsor any part of pro cycle sport, a fall-out from the Floyd Landis doping scandal.
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iShares is a registered mark of Barclays Global Investors N.A.

BGI's iShares division has had a sponsorship relationship with Team Phonak since December 2005.

A statement from BGI said:

"Given recent events, including the decision to disband the Phonak Cycling team, BGI has decided that a sponsorship relationship is no longer appropriate, and will re-allocate its sponsorship efforts to other opportunities worldwide."

On August 5th the Phonak team sacked 2006 Tour de France winner Floyd Landis after his B urine test was foubnd to contain the same irregular levels of testosterone and epitestosterone, a finding that Landis disputes.

Today Andy Rihs, owner of Team Phonak, said that the team will be disbanded at the end of the 2006 season. Phonak had decided to end its sponsorship of cycling before the current doping scandal.

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