American team Cannondale-Drapac faces an uncertain future, after a key sponsor that stepped in to secure the WorldTour team’s future for 2018 backed out.
The team was founded by former professional Jonathan Vaughters in 2003 as a junior development squad. Its sponsor was 5280 magazine in Denver. In 2007, Slipstream Sports LLC took over the management and the team raced under the name Team Slipstream.
“On Saturday morning, Slipstream Sports notified all riders and staff of the uncertainty of our organization’s future. Yesterday management received some discouraging news about a new partner we anticipated joining us in 2018,” read a team statement. “Without this partner’s support, we cannot guarantee our financial and subsequently our UCI WorldTour license for 2017.”
“We remain hopeful that this situation may resolve itself in the next few days and that the team may find new financial backing; however, without this guarantee, we felt an obligation to the individuals who make up our team to notify them of our current situation and give them time to look for their best options.”
“All Slipstream Sports staff have been released from any and all contractual obligations for 2018. All 2018 contracts will be honored if our future is secured.”
“We want to be clear. All of our current sponsors and partners (Cannondale, Drapac, Oath, POC) have remained committed to support our team in 2018. These sponsors have lived up to their promises; however, without additional financial backing, the numbers simply don’t add up.”
“We’ve overcome incredible odds for over a decade and can do it again, but we need someone to step forward and fill in that last piece of the puzzle. It would be an incredible bargain, that’s for certain. We are open to any conversations with new financial partners and supporters at this time.”