A Katusha official has told VeloNews that despite the financial troubles in Russia, the team bankrolled by Igor Makarov has its budget guaranteed for the 2015 season.
“Of course, the ruble crisis affects all Russian companies and citizens, but the team [received] the signal from the sponsors that the budget and future of the team are guaranteed,” a team official told VeloNews, via email, Wednesday.
There is increasing economic meltdown in Russia, who are facing international sanctions over the annexation of Crimea. Oil prices are dropping, as is the rouble and many Russian companies are feeling the pinch.
Oleg Tinkov, who owns Russia’s other WorldTour team, Tinkoff-Saxo, spoke last week about the economic situation could affect his ability to finance the team.
Makarov is worth almost $2billion, having made his money in the oil industry, whereas Tinkov is an entrepreneur who says he wouldn’t make it into the top 1000 of Russian businessmen when it comes to wealth.
Makarov says that while he has the money, his company cannot put in so much money on their own, and may need more sponsors or, if they fail to find them, a drop down to Pro Continental level may be required.
“At the moment, the Russian Ministry of Sport only partly finances Russian cycling, and most of the costs are covered by ITERA (his natural gas company, who have had stable prices over the last year and appear to be ding well),” Makarov said in a recent interview in Russian media. “This amounts to about 50 million euros per year … one company alone cannot carry such a financial burden. I cannot predict this will continue in 2016.”
In the same interview, Makarov also suggested he would reconsider the Katusha project based on results in the 2015 season, when the team’s current WorldTour license expires.
“A lot depends on the 2015 season,” Makarov said. “A decision on applying for license renewal in the WorldTour will be made on the basis of the performance of Katusha in the first half of 2015. The same goes for Rusvelo.”
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