Sky ups stake in cycling team

Pay TV operator Sky has increased its stake in the British professional cycling team that bears its name. 

The operator is increasing its holding in Team Sky outfit Tour Racing Limited, taking over a 25% share previously held by 21st Century Fox. The move will mean that Sky owns 85% of the cycling team, with 21st Century Fox retaining a 15% holding.

The company said that the adjustment in ownership structure of Team Sky reflects the fact that the three Sky businesses are now part of a single company. Sky is acquiring the 21st Century Fox shares at their par value of £25.