Sports equipment giant Nike is the new owner of the world’s top helmet manufacturer, with the company confirming that it has completed a $5.3 billion acquisition of the UK’s Giro racing team.
The announcement was made on Monday, ahead of the launch of the new Adidas-sponsored Giro della Toscana.
The deal, which Nike announced on Monday afternoon, will see Giro founder and owner Vincenzo Nibali take over the business, while the other co-owners will remain in their roles at the company.
Nike is looking to bolster its global racing presence in the wake of the Paris terror attacks and the introduction of an all-electric bike, but the move is not expected to have a direct impact on the Giro.
Nike will take on a significant role in the Giochi team, which will now be run by the team’s former race director Fabio Aru.
Aru has overseen the Garioche della Scudetto team since 2010 and will now run it under the new Nike name.
Giro director Michele Ferrari, who has worked closely with Nibali for years, is also set to join the new team, alongside former Giro champion Davide Cimolai.
A statement from Nike said: “We are delighted to announce that Nike has purchased the rights to the Giorgio Agnelli Racing team, the most successful and successful racing team in the world.”
The announcement comes just days after a major new contract was signed for Giro rider and Olympic gold medalist Bradley Wiggins.
The Giro team, with its long history in the sport, has become the largest cycling company in the US and a major player in the Australian sporting landscape.
Nico is expected to continue with the Grosvenor-built Giro for several years to come.
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