"On Thursday afternoon, the WorldTour cycling team formerly known as Israel-Premier Tech unveiled its new form: NSN Cycling Team, which will be licensed out of Switzerland and based in Spain. A few short months after its presence at the Vuelta a España incited fierce protests, the IPT project has unraveled. According to reports, IPT's cantankerous owner, Israeli billionaire Sylvan Adams, is out of the sport."
"NSN, short for "Never Say Never," is an "international sports and entertainment company" based in Barcelona and co-founded by Catalonian soccer legend Andres Iniesta; its official website boasts that it is positioned on "a global cross-cutting axis between Barcelona, Tokyo, Mexico City, and Emirates," whatever that means. Though only NSN's name will be on the jerseys, the cycling team is a partnership between NSN and Stoneweg, a Swiss money-management outfit with some €11 billion in assets."
The WorldTour team formerly Israel-Premier Tech has been rebranded as NSN Cycling Team, licensed in Switzerland and based in Spain. The IPT project unraveled after its Vuelta a España appearance triggered fierce protests and reports that owner Sylvan Adams is leaving the sport. NSN, short for "Never Say Never," is an international sports and entertainment company based in Barcelona and co-founded by Andres Iniesta. The team is a partnership between NSN and Swiss money-manager Stoneweg, which manages about €11 billion in assets. NSN owns FC Helsingør and the gravel brand Guava. NSN faces controversies including a Peruvian federal investigation, accusations of $600,000 fraud linked to exhibition matches, and NSN Sudamerica's bankruptcy and liquidation, raising questions about how cleanly the new project breaks from IPT's past.
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