American WorldTour squad Cannondale-Drapac are in limbo following the withdrawal of an expected sponsorship partner for 2018. For now, it is unclear whether the team will continue next season. The team have told Cyclingnews that they need to find in the region of $7 million USD in order to continue in 2018.
Following reports in Dutch newspaper De Telegraaf that Cannondale-Drapac riders and staff – including those with contracts beyond the 2017 season – were suddenly approaching other squads, the team released a statement Saturday evening on the future of Slipstream Sports, the holding company that owns Cannondale-Drapac.
"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. Without this partner's support, we cannot guarantee our financial security and subsequently our UCI WorldTour license for 2017," read the statement.
"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.
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"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."
As late as July, manager Jonathan Vaughters was expressing uncertainty about the team's future as he worked to secure sponsorship partners for 2018. However, on July 21 the team announced the arrival of Oath, a digital media company, as a new sponsor, and in the weeks that followed, the team announced multiple new contracts extending through 2018 and beyond. While Oath's commitment remains in place, an as of yet unknown sponsorship partner appears to have backed out of an expected deal for the coming season, leaving the team in limbo.
The team also recently announced that Rigoberto Uran had signed a new three-year deal with the team. Unless the team can find the needed funds the Colombian is set to find a new squad. Cyclingnews understands that he has been in talks with Astana. Dylan van Baarle also recently signed a new contract with the team. Like his teammates, he is free to find another squad.
Cannondale Drapac 2017 roster in full:
You can read more at Cyclingnews.com
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