The USA Pro Cycling Challenge has an "obstacle to overcome in its quest for a big-money sponsor: the race's owners, the deep-pocketed but lawsuit-plagued father-son team of Richard and Rick Schaden, who insiders say need to let it go," according to Jason Blevins of the DENVER POST. Quiznos Founder Rick Schaden, who launched the event, said that he "does not foresee selling but does hope to keep the race afloat." Blevins noted the event's losses have "dwindled every year," from an estimated $10M that first year to $2M this year. Schaden and race CEO & Exec Dir Shawn Hunter will "decide the future of the race in about 60 days." The event's ownership has "invested" at least $20M to date. But the Schaden family also is "being targeted by two behemoth hedge funds in a contentious federal lawsuit." Avenue Capital and Fortress Holdings, fronted by Bucks co-Owners Marc Lasry and Wes Edens, respectively, "were the largest lenders to Quiznos during several years of financial distress." The funds say that the Schadens and six other company execs "orchestrated a conspiracy to defraud." Sources said that some potential sponsors of the race "do not want to risk irking" the investment firms. Schaden said that the lawsuits have "not impacted the race." He added that the title-sponsorship struggle "has more to do with the lack of large corporate headquarters" in the Colorado/Wyoming area (DENVERPOST.com, 8/23).
NOT SUGAR COATING IT: In Colorado Springs, Nathan Van Dyne noted Hunter "responded matter-of-factly" when asked Sunday if he "could guarantee that the privately funded event would return" in '16. Hunter: "No." Van Dyne notes that is a "different answer than he’s given in recent years." Hunter "went on to talk positively about what lies ahead," but it is "clear that the future of the Pro Challenge isn’t on incredibly stable ground" (Colorado Springs GAZETTE, 8/24).
