Businessmen from Colorado and Virginia have formed a new company that will promote races in their home states while seeking a more financially stable business model, according to an announcement today from the RPM Events Group.
Colorado's Ken Gart and David Koff have joined forces with Richmond world championships organiser Tim Miller to form RPM Events Group in hopes of continuing "the competitive racing culture both communities have embraced for many years."
"We have assembled a group of community-minded investors as well as a strong leadership team whose sole mission is to broaden the enthusiasm for cycling," said Gart, chairman of the new company. "This new bike series will provide communities with sustainable, engaging cycling events for participants and fans to enjoy."
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In its Tuesday announcement, the company said it is moving away from the model of week-long stage races that travel to multiple locations, favoring a "spoke-and-hub" model that will cut costs. RPM Events said the group's approach is designed to leverage the sport's enthusiastic following, including the growing mass-participation craze, while keeping costs from outpacing revenue.
"We are shifting our thinking away from week-long stage races to a hub-and-series concept to contain costs, open up new revenue streams and create exciting and engaging community events," said Koff, RPM Events Group CEO. "While the format is different, we are deeply indebted to and respectful of the previous efforts in Colorado and Virginia and hope to build on their success."
Miller, the new company's chief operating officer, said the latest effort is about more than promoting bike races.
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