Orica-GreenEdge will change their name to Orica-BikeExchange before the start of the Tour de France on July 2.
An official announcement is expected on Thursday but the team will be renamed Orica-BikeExchange and riders will wear new kit when the Tour begins on Saturday. It is understood the new deal is until the end of 2016 and will then be reviewed for 2017.
Mining explosives maker Orica this month announced that it would continue as naming rights sponsor of the team next year but it would be the fifth and final year of their partnership.
The team, owned by businessman Gerry Ryan, has been branded GreenEDGE since it began in 2012 and had the backing of Orica in its first year. BikeExchange has been a sponsor of the team in recent years but the step to naming rights is a significant increase in its level of support.
Mr Ryan says WorldTour cycling teams operate on a budget of between $10m and $35m and his squad sits “somewhere in the middle”.
Led by sports director Matt White, Orica-BikeExchange is targeting stage wins at this year’s Tour de France and will have Michael Matthews, Simon Gerrans and British climber Adam Yates as its leaders.
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