Reports earlier this week that Spain's Repsol could become the second sponsor of the Movistar team next season appear to have been premature.

Following Shell's announcement that it would sponsor British Cycling for eight years, claims that another petrochemical giant was planning to enter the pro cycling scene generated considerable interest. This was especially so when it was reported that the new sponsor would double the current budget of the Movistar men's and women's teams, bringing them into the 35-40 million euro bracket.

However, when the Repsol-Movistar story broke last weekend and was widely covered on Spanish radio stations on Monday, there was no confirmation to back it up. Various Spanish media outlets are now citing off-the-record denials from unspecified team and company officials, denying that there were any discussions, much less a potential deal, between the two parties.

But even if Repsol's "lead" is unfounded, Movistar remains interested in increasing the team's budget through a second backer in 2023-2024. It also hopes to sign talented young racer Carlos Rodriguez of Ineos Grenadiers in 2024, now that its former leader, Alejandro Valverde, has decided to retire.

Along with podium finisher and debutant Juan Ayuso, Rodriguez is seen as one of the two biggest up-and-coming prospects in Spanish cycling after his impressive 7th place finish in his 21-year-old debut at the Vuelta a España. However, Ayuso is under contract with his current team through 2028, while Rodriguez's contract with Ineos Grenadier runs through 2023.

Apart from the financial power that a second sponsor theoretically brings, the Spanish team's true interest in Rodriguez, who also finished fifth in Il Lombardia, also depends on the continued growth of current leader Enric Mas in 2023.

Mas had a very difficult year until September of this year, but since then he has finished second overall at the Vuelta a España for the third time in his career. He also finished second at Il Lombardia last weekend and won the Giro delle Miglia the week before.

For the past 11 years, Movistar has sponsored the team founded in 1980 by its current owner, Abarca Sports. Movistar's sponsorship contract ends at the end of 2023, but it is widely expected to continue its support beyond that date.

After a season dominated by Valverde's retirement, a tough summer, and a long (and successful) fight against relegation from the World Tour, Movistar is expected to announce next week the signing of Colombian sprinter Fernando Gaviria from UAE Team Emirates. The addition of Portuguese all-rounder Ruben Guerreiro to the 2023 roster is also yet to be finalized.