Jacques Hanegraaf, general manager of German Olympic champion Jan Ullrich's Bianchi team, on Wednesday blasted rumors in the German press that the cycling team is in financial difficulty.

"We don't have any problems, otherwise we wouldn't have obtained our license,” he said.

As to rumors that Bianchi was not paying its riders, Hanegraaf added: "Evidently, we pay our riders' wages. If not, we wouldn't be allowed to take part in races.”

Hanegraaf confirmed that Bianchi is looking for a co-sponsor.

"We're in some very good negotiations,” he said. “But it makes no sense to announce a sponsor for 2004 now.”

After finishing third in last Sunday’s HEW Cyclassics in Hamburg, Ullrich said that he would continue to race for Bianchi in 2004 “if the conditions are right. But we've got to strengthen."

According to Hanegraaf, Bianchi wants to take on four new riders for next season, one with an eye on the spring classics and World Cup races.

However, the main objective remains a Tour de France victory for Ullrich in 2004. The five-time runner-up and 1997 winner is the only German ever to win the event. – Copyright 2003/AFP