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Main Team CSC-Saxo Bank sponsor goes bust

The IT Factory, the main sponsor for the Team CSC-Saxo Bank cycling team has gone bankrupt and its director has disappeared.

The IT Factory, which was supposed to have been Denmark's cycle sport icon Bjarne Riis' main sponsor for his CSC-Saxo Bank team as of January 1, has been declared bankrupt. The company chairman Asger Jensby has confirmed the bankruptcy.

According to TV2, the company's CEO Stein Bagger is being sought by Interpol, allegedly according to several media reports for fraud, after disappearing following a vacation in Dubai with his wife.

Jensby has told, however, that Bagger has not committed any crime, and that his wife reported him missing.

IT Factory has otherwise seemed a successful company and recently received the Entrepreneur of the Year Prize from the accounting company Ernst & Young. The company has also won a prize in the Fast Growing category and recently forecast a 2008 profit of DKK 400 million.

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