The successful Tavira Cycling Club is facing serious financial problems.

Since the departure of principal sponsor Palmeiras Resort in conjunction with that of star rider David Blanco, the oldest team in the world has struggled to find the money needed to guarantee its continuing existence.

“We are still looking for a main sponsor,” said President Jorge Corvo. “We are awaiting offers up to the last moment.”

In question are the monies payable to the Portuguese Federation and International Cycling Union due by the end of this month.