Businessman Flavio Becca, who holds the Schleck brothers' Leopard Trek team licence, denied any wrongdoing on Thursday after his house and offices were searched by the Luxembourg police as part of an investigation into alleged misappropriation of public property.
"Until now nobody has been charged," a statement issued by Becca's representatives said, confirming information earlier reported by local newspaper L'Essentiel.
"The companies (involved) and Mr Becca have collaborated with the judicial authorities and intend to continue to do so.
"We wish that the authorities do their job quickly and that they show that the allegations are groundless."
No details of the investigation were given.
Last year, Becca financed Andy and Frank Schleck's Leopard Trek team, which is merging with RadioShack to become RadioShack-Nissan-Trek next season.
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