Copenhagen - The new sponsor for the CSC team of Danish ex-cyclist Bjarne Riis is bankrupt, reports said Monday.
Asger Jensby, chairman and co-owner of IT Factory, told Danish news agency Ritzau that the company is to file for bankruptcy.
A warrant has been filed for the group's chief executive who is suspected of fraud, the report said.
As of 2009, IT Factory was to have become co-sponsor of the racing team along with online investment bank Saxo.
US-based IT company CSC has been the team's main sponsor for the past eight years but in March said it was pulling out of professional cycling.