Richmond Organizing Committee Close To Raising Funds Needed For Cycling Event

Richmond 2015 is "tantalizingly close" to raising the $21.5M needed to "stage the UCI Road World Championships that begin Saturday," according to a front-page piece by Gilligan & Llovio of the RICHMOND TIMES-DISPATCH. The nonprofit on Thursday said that it has raised about 98% of the money "needed to put on" the cycling event, meaning that it is "highly likely that once revenue from the event is counted the race organizer will have, or exceed, the funds needed to stage the nine-day race." Reaching the threshold "comes with a sponsorship agreement" announced Thursday with medical supply and logistics company Owens & Minor Inc. Revenue generated from the event, which is expected to cover about $2.1M of the race budget, will "come from several sources, including hospitality sales, TV broadcast fees and royalties from the official travel program as well as merchandise, concessions and beer sales." The world championships, one of pro cycling’s "most prestigious competitions, is expected to draw 450,000 spectators over nine days and about 300 million television viewers world wide." If it had been "unable to meet it’s budget, Richmond 2015 would have been on the hook for the difference." Richmond 2015 Dir of Communications & Digital Marketing Paul Shanks said that if it came to that the organization "would find a way to bridge the gap" (RICHMOND TIMES-DISPATCH, 9/18).

PARTY IN THE USA: USA TODAY's Ava Wallace notes this marks the "first time in 29 years and the second time in history" that a U.S. city will host the event. Cyclist Evelyn Stevens said, "It's thrilling to be back in the States for worlds. ... I'm used to being on a different time zone, having no cellphone service -- just the little things that you're accustomed to. I'm very grateful for that opportunity to have spent so much time in Europe, but it's really an honor to race in the U.S." (USA TODAY, 9/18).