|
Group Of Wealthy Investors
Backing Cycling Development |
While interest in cycling in the U.S. is growing, the sport is still “small enough
to depend largely on wealthy backers who believe cycling could be on the cusp
of a much bigger boom and perhaps even provide returns,” according to Jennifer
Hughes of the FINANCIAL TIMES. That group of backers formed the Champions Club,
headed by S.F.-based investment banker Thomas Weisel, whose members “put up at
least $100,000 each in their first year, then $25,000 a year thereafter, for the
USA Cycling Development Foundation.” In ’88, Weisel began sponsoring Tailwind
Sports, which owns the Discovery cycling team. Tailwind “often used trips to the
Tour as a means of attracting sponsors.” Weisel said Nike Chair Phil Knight “went
berserk after a day following Lance. Nothing comes close to being in a team car
on the race.” Hughes reported the Champions Club is “growing steadily” and includes
actor Robin Williams and investors Richard Cashin, George “Skip” Battle and Rob
Walton as members. Bahamas-based Templeton Capital Advisors CEO Mark Holowesko,
also a Champions Club member, said, “People don’t realise how big the sport is
getting -– it is exploding and corporate sponsorship hasn’t really caught up yet.
Even though Lance has retired, I am getting questions all the time from people
asking my advice” (
FINANCIAL
TIMES, 7/8).
