Team Sky has released its accounts for the calendar year 2016, showing that the team’s budget for the 2016 season was in excess of £31 million, an increase of 27 per cent on the previous season’s budget.
The accounts are published annually by 'Tour Racing Limited', the British-registered holding company for Team Sky.
Team Sky’s budget for 2016 was £31,048,000, a significant increase on its 2015 budget of £24,442,000. The depreciation of the British Pound against the Euro may account for some of the increased costs in 2016, but it is clear, too, that team’s overall financial commitment has increased decisively over the years. Team Sky’s budget has now more than doubled since its first season in the professional ranks, when its budget was reported as £14.603 million.
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The rise in Sky’s 2016 budget is accounted for primarily by the sharp increase in sponsorship from its three principal backers: Sky UK Limited, 21st Century Fox and Sky Italia. Title sponsorship for 2016 reached a total of £23.5 million, an increase of 50 per cent on the 2015 title sponsorship of £15.7 million.
The precise breakdown of the sponsorship contribution of the three main backers is not specified, though the accounts state that Sky UK Limited owns 85 per cent of the team and 21st Century Fox owns the remaining 15 per cent. Sky Italia was initially a shareholder in the team, but is now simply a sponsor.
Sky’s revenue from its 'performance sponsors', a group which includes bike supplier Pinarello, kit supplier Rapha and component supplier Shimano, also rose in 2016, from £2.96 million to £3.28 million.
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