Jumbo-Visma end takeover talks, convinced they no longer need Soudal-QuickStep

The Jumbo-Visma hotel in Saronno north of Milan was very, very quiet on Friday afternoon, despite the news that the merger/takeover with Soudal-Quickstep was suddenly off.

While the cycling world was trying to understand the consequences and social media exploded, the team opted not to make any official statement.

Cyclingnews saw team mechanics working in the hotel car park, with race bikes ready for Saturday’s Il Lombardia, but riders appeared to be enjoying a final afternoon nap and massage, knowing that they will now not join forces with the Soudal-QuickStep team.  

Cyclingnews understands that the Jumbo-Visma riders and staff were told on Friday morning that the merger/takeover was off. Jumbo-Visma have decided that the complex plan to unite the two teams was no longer their best option, and they wanted to end the constant reporting and speculation for the good of all the riders and staff involved, including those who risked losing their jobs at Soudal-QuickStep.  

Jumbo-Visma may have missed out on adding Remco Evenepoel to their roster and have lost Primož Roglič to Bora-Hansgrohe, but they now appear confident that they can secure the future of the team by other means, with a new sponsor perhaps close to being secured.

After almost two weeks of reports and leaks, the merger/takeover option had become a disruptive distraction. Now, the team’s management is focused on the bigger goal of finalising the long-term future of the team, so they can compete with the likes of UAE Team Emirates and Ineos Grenadiers.

Soudal stick with Patrick Lefevere and hope to keep Remco Evenepoel

Although the Soudal-QuickStep team initially refused to comment, the Belgian team will apparently exist as a WorldTour team through the end of 2025, with Patrick Lefevere and Czech billionaire Zdenek Bakala continuing to own the team, with Soudal, QuickStep and Specialized remaining as key sponsors.  

That would mean Remco Evenepoel remains under contract with the team until the end of 2026 unless another team, such as Ineos Grenadiers or Israel-Premier Tech, agrees to buy him out of his contract and secures approval from the Belgian team and the UCI. It also avoids the fallout and loss of jobs for riders and staff that a merger or takeover would have caused.

The Soudal adhesives brand was ready to jump ship as part of the merger/takeover but quickly said on Friday that they are happy it won’t go ahead. They have a contract as a title sponsor until 2027.

“Soudal-QuickStep has always been plan A for us,” Sporza quoted Soudal CEO Dirk Coorevits as saying.

"We are satisfied that everything remains the same. We still want to win the Tour de France with Remco Evenepoel."

According to the Dutch website AD, the arrival of Amazon as a new sponsor for Jumbo-Visma will not happen, but other brands are ready to step in some way to help cover the 2024 Jumbo-Visma budget, which is estimated to be close to €40 million. The Jumbo supermarket chain has offered backing until the end of 2024 but is keen to end their sponsorships as soon as possible.

Dutch media last week reported that Amazon was ready to invest €15 million as a co-sponsor. However, Escape Collective suggested that the funding would only be of ‘media value’- via advertising and visibility, rather than €15 million of hard cash. The team never clarified Amazon’s possible involvement beyond the creation of a new documentary, but the online giant now seems out of the picture.

AD reports that Pon Holdings BV, who owns the team’s bike sponsor, Cervélo, will be a key backer of the team in 2024, while Norwegian business software and IT brand Visma have already made it clear they will remain as a title sponsor, investing around €12 million.  

Pon Holdings BV is a privately owned Netherlands company that also owns Cannondale and other bike brands. They import Volkswagen, Audi, Seat and Skoda in the Netherlands and have dealerships in the USA for Porsche, Ferrari, Aston Martin and other luxury brands. Pon Holdings BV claims their annual revenues exceed €10 billion.  

“I think it is clear, and it is best for everyone,” Jumbo-Visma directeur sportif Frans Maassen told Nieuwsblad of the end of the merger/takeover plans, breaking Jumbo-Visma’s silence but perhaps expressing everyone's thoughts on the matter.