Cycling giants HTC-Highroad have announced their trailblazing days in the professional peloton are over after owner Bob Stapleton failed to land a new title sponsor.
Stapleton, whose squad includes ace riders such as Tour de France green jersey winner Mark Cavendish and Australian Matt Goss, had been battling through the summer to secure a multiple-year deal from a naming sponsor prepared to invest at least 10 million euros (US$14 million) annually.
He had been in advanced negotiations with a new title sponsor up until Sunday night, when the deal collapsed at the 11th hour.
Photo: EPA
Further negotiations ensued with HTC, who Stapleton said were not prepared to invest as much as they have done in the team, which — together with its women’s team — is approaching an astonishing 500 professional victories in only four years of competition.
Stapleton’s last option was to merge with another team in a similarly precarious financial position, only for that option to be ruled out early on Thursday morning.
Under Stapleton’s leadership, Highroad have been regarded as one of the most ethically-sound and successful teams in the unforgiving ranks of the professional peloton.
However, in a teleconference call on Thursday the American was finally forced to concede defeat.
“We had an agreement in principle with a new partner, [which] should have given us the necessary funds to operate our team at the same level as we have done for the last four years,” Stapleton said. “This deal collapsed Sunday night, during my wife’s 50th birthday party, when I received an e-mail and subsequent phone call from my intended partner.”
Stapleton would not name the partner who let him down, but said: “In doing our due diligence we uncovered some difficulties that were not resolvable ... and the process of asking some very tough questions caused the deal to fall apart.”
“We proceeded on our other options, on the most expedited basis possible, and ended those discussions with HTC last night. And we then ended our remaining merger scenario, which we believe would not succeed, early this morning,” he added.
Stapleton conceded that the negative fallout from ongoing doping allegations implicating former Tour de France champions Lance Armstrong and Alberto Contador had proved an obstacle in negotiations with potential sponsors.
“It’s been a factor for everyone we’ve talked to in the past year,” he said.
However, a large part of Stapleton’s decision to wrap up operations was anticipating having to compete with the new “super-teams” whose annual budgets are set to reach 20 million euros next year.
“We’re faced with a tough dilemma,” he said. “We’ve seen the rise of a few ‘super-teams,’ quite a few teams with budgets in excess of 20 million euros that are queued up for next year. So it’s a squeeze between keeping the team at a leadership level in the sport and the need to bring on more money.”
“Our view was that if we couldn’t be close enough on financial firepower, we couldn’t consistently outperform with far less money,” he added. “And if we couldn’t be in a leadership position in the sport, then we weren’t going to be in a position to drive change and that was our fundamental mission coming in. And if we weren’t going to succeed in that, then it was best to let people go and pursue their own interests.”
Asked if smartphone giant HTC had refused demands for more money, Stapleton said: “HTC were unable to reach a conclusion internally about continuing at the same level, let alone at an increased level. Those discussions ended last night.”
Inter on Sunday were given a letoff when they snatched a late 1-1 derby draw with AC Milan, while league leaders SSC Napoli were held by a late goal at AS Roma. Reigning champions Inter remain three points behind Napoli, who looked to be heading five clear as they led in Rome until Angelino volleyed in a stunning leveler in the first minute of stoppage-time. Angelino’s strike gave even more significance to Stefan de Vrij’s last-gasp equalizer at the San Siro. The defender forced home Nicola Zalewski’s knockdown just as it looked like Tijjani Reijnders’ opener would be enough for Milan. “I can
The Washington Capitals and Winnipeg Jets on Saturday did not disappoint in a thrilling midseason matchup in front of a fired-up sellout crowd of more than 18,500 fans. The top two teams in the NHL delivered with a combined nine goals, including the 877th of Alex Ovechkin’s career to put him 18 back of breaking Wayne Gretzky’s record. That tied the score, the Jets pulled it out in overtime and just about everyone involved got their money’s worth out of the 5-4 game. “We knew how we were both sitting in the standings and both having real good years,” Winnipeg coach Scott
BACK-TO-BACK: The League One club, which is owned by stars Ryan Reynolds and Rob McElhenney, is sparing no expense to clinch promotion to the Championship Hollywood endings are pricey, even in England’s third division. In pursuit of their third straight promotion, Wrexham AFC splashed some cash at League One rival Reading to secure the services of striker Sam Smith. The Welsh club owned by actors Ryan Reynolds and Rob McElhenney confirmed the signing of the 26-year-old Smith on Friday. He is one of the top scorers in the third division. The transfer fee was not disclosed, but British media widely reported it to be about £2 million (US$2.48 million) — not extravagant, but a hefty price at this level and it would be about the same figure that
Less than a week after splashing out a world-record fee for Naomi Girma, Chelsea has spent big again to bring England midfielder Keira Walsh back to the English Women’s Super League. Walsh left European champions Barcelona after more than two years to join Chelsea for a reported £400,000 (US$496,000) on Friday. Walsh was the world’s most expensive player for two years after moving to Barcelona from Manchester City for a reported £400,000 in 2022. That status now belongs to Girma, the US defender who cost Chelsea a reported £900,000 to sign from the San Diego Wave. Still, it means 27-year-old Walsh — a technically