Danish cycling sponsor goes bankrupt, CEO suspected of fraud

COPENHAGEN, Denmark (AP) -- Danish media are reporting that one of the main sponsors of Danish cycling team Saxo Bank-IT Factory has declared bankruptcy and its chief executive is suspected of fraud.

The team is led by former Tour de France winner Bjarne Riis and was previously known as CSC Saxo Bank. It was due to change its name for the 2009 season after Danish software firm IT Factory said it would replace CSC as a co-sponsor.

However, the team's future is uncertain after Denmark's TV2 News reported that IT Factory has filed for bankruptcy. The broadcaster also said that IT Factory's chief executive, Stein Bagger, is being sought by Interpol in a 500 million kroner ($85 million) fraud investigation.

IT Factory has planned a news conference later Monday.

Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.