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Threshold denies board of directors, money troubles

By:
Cycling News
Published:
September 14, 2005, 1:00 BST,
Updated:
April 21, 2009, 0:11 BST
Edition:
First Edition Cycling News for September 14, 2005

By Mark Zalewski, US editor Race promoter Threshold Sports has confirmed that teams are still...

By Mark Zalewski, US editor

Race promoter Threshold Sports has confirmed that teams are still waiting for payment of prize money from the Wachovia Series races in early June, but Threshold president and CEO Dave Chauner says that Health Net-Maxxis and T-Mobile riders will get their money and have agreed to wait.

T-Mobile management told Cyclingnews that Threshold Sports had sent an email to all teams that were owed prize money explaining that payment was pending upon the return of the on site drug testing, a policy consistent with many other races. However, to date, the tests have been completed and the payments have not been processed.

According to Chauner, the payments are coming but is currently on hold until some new sponsorship deals are done. "We spoke to the teams and we will pay the prize money later than we usually do," he said. "We are waiting on some sponsorships to come in and we talked to the teams and they said okay."

Chauner also denied that Threshold had recently dismissed members of its board or asked them to stand down as a results of financial mismanagement. "We did not dismiss the board," he told Cyclingnews. "But we are definitely putting on some new investors so there will be some change for sure. [Some] members of our board offered to step down to open advisory opportunities for possible new investors and partners. All remain investors, helpful advisors, and friends of the cause. 'Dismissal' is both untrue and misleading and I'm sure comes from the cycling rumour mill."

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