Cannondale-Drapac is asking fans to float the team’s future after a critical new sponsor backed out of a sponsorship deal, leaving the American team about $7 million shy.
Slipstream Sports, which owns the Cannondale-Drapac team, announced an Indiegogo campaign on Wednesday with the goal of crowdfunding at least $2 million to save the project.
“I’m overwhelmed by the response and level of support at the grassroots level,” said Jonathan Vaughters, CEO of Slipstream Sports.
“There are hundreds of thousands of fans across America and the world who want to see Slipstream continue to create a platform for America’s best riders to compete, and they have inspired us and Fairly Group. I’m grateful to Fairly Group for taking the lead, not only with a financial commitment but also by offering to deliver assistance with a strategic plan to ensure our future.”
In statement released on Saturday, Slipstream Sports said it had “notified all riders and staff of the uncertainty of our organisation’s future.”
Rigoberto Uran, who finished second in this year’s Tour de France, told Vaughters he would wait two weeks before signing with another team. That gives Cannondale-Drapac less than 14 days to find a major sponsor.
Vaughters founded the team as an under-23 development squad in 2003. In 2005, it secured UCI Continental status and, after racing at UCI Professional Continental level in 2007 and 2008, moved up to the UCI WorldTour in 2009.