Last Wednesday (03), through social networks and official websites, according to information published on the internet, Red Bull announced its business expansion and signed a new partnership with the Bora-Hansgrohe team. The agreement will be a new possibility for the company to be more involved with the category.
According to the statement published by the company, the project will be a joint venture, indirectly and over the long term, with 51% controlling interest in the German team. The agreement was approved by the Austrian Federal Competition Authority, which is responsible for evaluating proposals and planning for sponsorships, mergers and acquisitions.
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“Red Bull is planning to expand its involvement in road cycling and is seeking a partnership with Bora-Hansgrohe. By partnering with manager Ralph Denk’s operating company, Red Bull strives to complement the team’s portfolio of existing long-term major sponsors, who will remain for the long term. The planned joint venture has been notified to the competent antitrust authority,” said the company’s statement.
If the agreement continues, the people who manage Bora-Hansgrohe, following the orders of Austrian law, must make a written statement within 14 days claiming permission for the project to go ahead. The measure will have a deadline in accordance with the rules of the Austrian Cartel Law.
However, when questioned about the possibility of a union and acquisition, the team manager, Ralph Denk, did not take a position on the information, claiming that he has no interest in anticipating the review processes that are being carried out by the country’s authorities regarding the rules. But, from the looks of it, the news is about to be released as next week, in Mallorca, there will be a press conference with members of the team.
