Gerolsteiner give up hope of new sponsor, says chief

Assets ready to be sold

Cycling team Gerolsteiner have virtually ended all hope of finding a new sponsor and are set to sell off their assets at the end of October, their team manager said today.

In September 2007, the German mineral water manufacturers announced they would not renew their sponsorship at the end of 2008 season and the Gerolsteiner team had been unsuccessfully trying to find a new benefactor.

"We will not continue to search actively for a new sponsor and, if no replacement is found, we will sell off our team's base and equipment at the end of October," team manager Hans Michael Holczer told Germany agency SID.

With the Tour of Germany set to start on Friday, Gerolsteiner will continue to compete on the Pro Tour circuit until the end of the year.

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