It was announced on Wednesday morning that Sky will end its involvement in professional cycling from next year.
The news brings into doubt the future of the controversial Team Sky, which was first formed in 2009.
Six Tour de France titles have been won by the team over the last decade, including by Bradley Wiggins, Chris Froome and, most recently, Geraint Thomas.
Earlier this year, the House of Commons Digital, Culture, Media and Sport select committee found that the team and Bradley Wiggins had "crossed an ethical line" in its manipulation of the anti-doping system.
Sky News reports that the team's general manager, Dave Brailsford, was 'shocked' when informed of the decision last week. Riders were informed at training camp in Mallorca overnight.
"This news will no doubt come a surprise to many people but, as you may know, there has been a lot of change at Sky recently," said the team in an open letter.
"It is the start of a new chapter for the company and sometimes it is inevitable that change brings further change with it. That is what has happened here."
It was added that they will endeavour to find a new sponsor.
"In terms of the future, we are open minded. If we can find a new long-term partner to take the Team forward into a new era, then we will do so. And we will be doing everything we can to make that happen over the coming weeks and months. Equally, any future partner would have to be the right partner - one who shares our ethos and buys in to our values.
"This news has only just been announced; we can’t predict what will happen from 2020 and there are no guarantees. Whatever happens, we will make sure there is clarity one way or the other about the future of the Team before the Tour de France next July."
Picture credit: Stephen McMahon / SPORTSFILE