Team Sky will stay on the road under a new guise as Team INEOS after securing the backing of Britain's richest man Sir Jim Ratcliffe - and will make their bow under the new branding at the Tour de Yorkshire in May.

The British-registered team had been seeking new funding after Sky announced in December it would end its ownership and sponsorship at the end of 2019.

Sky and 21st Century Fox will now end their involvement on May 1 with INEOS becoming the sole owners of the team's holding company Tour Racing Limited.

The Tour de Yorkshire begins in Doncaster the following day.

Team principal Sir Dave Brailsford said: "Today's announcement is great news for the team, for cycling fans, and for the sport more widely.

"It ends the uncertainty around the team and the speed with which it has happened represents a huge vote of confidence in our future.

"In Sir Jim Ratcliffe and INEOS, I know that we have found the right partner whose vision, passion and pioneering spirit can lead us to even greater success on and off the bike. It heralds the start of a hugely exciting new chapter for us all as Team INEOS."