Froome, a four-time Tour de France winner, and Thomas, the current Tour de France champion, have been with Team Sky since the team’s inception in 2010.
And both expressed their delight that the team will continue as Team INEOS.
Froome, who was in attendance at the official launch in Yorkshire today, said: “It’s fantastic news for the team.
“I’m personally hugely grateful to INEOS for coming in, especially at such short notice. It’s an incredible boost for the team.
“It allows everyone to focus on the remainder of the season and winning some of the biggest and best races in the world.”
Thomas said: “I’m really happy. The main thing is that the team continues in its current set-up. Some of us have been together right since the start in 2010, so it’s really good that the team can continue with the same values, the same structure, but under a different name now.
“Speaking to the guys at INEOS, I know they’re really excited to keep developing the team, which is the main thing. The mentality is to keep improving and pushing forward. It’s exciting times for sure.”