COPENHAGEN, Denmark (AP) — Team Tinkoff-Saxo has terminated the contract of manager Bjarne Riis with immediate effect.

The Russian-owned cycling team, which is based in Denmark, issued a statement Sunday saying it has "reached a mutual agreement" with Riis.

Tinkoff-Saxo said it will unveil early next week the new sporting structure of the team that Riis created after ending his career as a professional cyclist in 2000. Riis, who admitted that he had used blood-booster EPO to win the Tour de France in 1996, sold the team to Russian billionaire Oleg Tinkov in December 2013.

Riis and Tinkoff had been at odds in recent weeks, with the latter reportedly unhappy with the team's recent results.

The Tinkoff-Saxo outfit includes two-time Tour de France champion Alberto Contador and Slovak sprinter Peter Sagan.