The long rumored change in the Phonak team was confirmed Friday, when owners announced that its current “presenting sponsor,” iShares will move into the title sponsorship position in 2007.

ARcycling AG, licensee and operator of the Swiss ProTour team, announced that it has signed a three-year contract (2007 – 2009) with Barclays Global Investors N.A., iShares' parent company headquartered in San Francisco. According to a release issued by the team on Friday, both parties have agreed not to name the amount of the new title sponsor's financial commitment.

"With iShares we have a new title sponsor who is exactly in line with what we had in mind,” said team owner Andy Rihs. “We wanted a partner who is a global player, enthusiastic about cycling and the opportunities the sport offers to leverage its brand in a variety of ways.”

"I'm extremely pleased for the iShares brand to be associated with such a well-regarded and well-organised ProTour team,” Lee Kranefuss, iShares CEO. “For iShares this sponsorship represents an excellent opportunity to further expand the visibility of our brand across Europe, which is a market of strategic importance to us."

The team will continue to be sponsored by Swiss bicycle manufacturer BMC.

The change in title' sponsorship has been expected. Officials at the Swiss hearing aid manufacturer, Phonak, have expressed frustration with the large number of positive doping cases the team has experienced over the last two year, highlighted by the 2004 blood-doping positive of the team’s star grand tour rider, Tyler Hamilton.

Asked whether the company may still have some sponsorship interest in the ProTour team, Rihs said he was uncertain.

"We'll will see in a little bit," he said. "After seven years, maybe they are running out of interest, but we will see."

Rihs said that he expects team leader Floyd Landis will continue to play a major role on the team.

"We hope so," he said. "This is an American company, although I believe they are very interested in European market here. In America, who are the rock stars in cycling? Lance Armstrong, and for a little while maybe Tyler Hamilton... and now Floyd Landis."

Rihs and other team officials have not indicated any management changes on the team, although unconfirmed reports suggest that former Motorola team manager, Jim Ochowicz, may be offered a senior position on the team. Ochowicz is currently the chairman of the board of USA Cycling, but has been a paid consultant to ARcycling AG.