Ernesto Colnago has reportedly sold a majority share of his Colnago brand to an Abu Dhabi investment fund.
Tutto Bici Web reports that Chimera Investments LLC has acquired a majority share in the iconic Italian marque.
Ernesto Colnago founded the bike brand bearing his name in 1954. Now aged 88, he says the move will allow the brand to grow "and increase its presence in all markets, whilst maintaining and improving the quality of Colnago products."
"We have a unique opportunity with the support of Chimera to ensure that we continue to build the world's best bikes well into the future," Colnago told the Italian website.
Colnago bikes enjoy an iconic reputation across the world. In the UK, a Colnago Owners Day is held each year celebrating the brand and its history of producing exquisite, premium bicycles.
Colnago currently sponsors WorldTour team UAE Team Emirates. The team ride Colnago C64 bikes equipped with Campagnolo Super Record EPS groupsets, Vittoria tyres and Deda finishing kit. The Italian connection carries through to the staff with eight Italian riders in the squad, including Fabio Aru.
Commenting on the deal, Chimera Investments said: "From all the Fans of Colnago, we would like to thank the master of the design and invention of great bikes Ernesto Colnago, and we would like to follow his path and move forward in his legacy bringing Colnago to a bright future as no one else would.
"Mister Colnago will always be the Godfather and the guiding force of the new developments."