Cannondale-Drapac have turned to crowdfunding to try to stay afloat after a planned new sponsor backed out for the 2018 season.
Following the sponsorship partner's unexpected withdrawal, the American WorldTour outfit announced over the weekend that a lack of funds left the team unable to 'guarantee our financial security and subsequently our WorldTour license.' In a statement, the Slipstream Sports organisation that owns the squad said riders and staff were free to look elsewhere in the peloton for contracts, but that existing contracts would be honoured if the team found the money to continue.
Cannondale-Drapac are looking to crowdfunding, along with support from a consulting firm called the Fairly Group, as potential solutions to the problem.
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#SaveArgyle is now live. Huge shout-out to our friends @Fairly_Group for their $2 MILLION match challenge. Donate: https://t.co/eJP2C2uPgC
— Cannondale-Drapac (@Ride_Argyle) August 30, 2017
The campaign, hosted on crowdfunding platform Indiegogo, has a 'flexible goal' of two million dollars, with the Fairly Group 'and other generous supporters' apparently matching all donations up to the goal. Indiegogo projects with flexible goals receive all funds raised, even if they do not reach the full goal amount.
Having re-upped with Rigoberto Urán and other top names before announcing their budgeting crisis, Cannondale-Drapac have estimated the amount they were short for 2018 at seven million dollars. A fully funded Indiegogo campaign and the full match of funds would bring them to four million dollars, more than halfway towards that amount.
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