Boulder’s Cannondale-Drapac has landed the big-fish sponsor that will save the UCI World Tour cycling team.
Swedish education company , which has a headquarters in Denver, has stepped up as a major sponsor after a fervent crowdfunding campaign harvested thousands of small donations from fans of the outlaw cycling team known as the Argyle Armada.
“Now itap time to reciprocate this love from all the fans,” said Jonathan Vaughters, the founder of holding company Slipstream Sports and team manager who launched Cannondale-Drapac in 2003 as a junior development squad.
In late August, a new sponsor backed out of a deal and . A World Tour team needs at least $16 million to compete on pro cycling’s international stage and Cannondale-Drapac was about $7 million shy of that. Last month, Vaughters told his 28 team members — including Colombian superstar Rigoberto Uran, Boulder’s Taylor Phinney and Golden’s Alex Howes — they could start looking for new teams. Uran, who finished second in the Tour de France in July, said he would wait two weeks before committing to another team, giving Vaughters 14 days to shore up his team’s finances for the 2018 season.
A wave of public angst over the possible closing of the team persuaded a reluctant Vaughters to launch an . More than in 10 days, most in $100 or less increments. The idea of Cannondale-Drapac becoming pro cycling’s Green Bay Packers appeared likely when Texas insurance broker The Fairly Group, stepped up with a promise to match donations up to $2 million.
EF Education First had pondered a sponsorship deal four years ago, Vaughters said.
“This go-round, it was basically the crowdfunding and groundswell of public support they saw the team getting from this that basically got them to reconsider the deal,” said Vaughters, noting that EF Education First “will be the first name of the team” as the education company works to become a majority partner of Slipstream Sports.
The public dollars will go toward the athletes, Vaughters said, supporting the team’s that works to prepare athletes for life after racing.
“The remainder of the crowdfunding will go toward helping them get ready for the rest of their lives when that day comes,” Vaughters said.