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A statement from the insurance company said:
"As sponsors, Liberty Seguros have always wanted to promote a culture of fair play and zero tolerance with respect to doping. In November 2005 after the suspension of a rider [Roberto Heras] for doping we made our contract one of the most rigourous with regard to this subject.
"The implications and consequences of the detention of Manolo Saiz are highly worrying; they damage our name and the name of cycling. We have cancelled our agreement with the owners of the team and will respect outstanding financial obligations."
The sponsorship contract was believed to be worth 8 million euros, $10.2m, a year.
