Cannondale-Drapac owner Slipstream Sports has denied that they are set to lose their primary sponsor, the bike manufacturer Cannondale, but admits that they are actively searching for new sponsors to increase their budget.
A report on Spanish website Zikloland said that Cannondale had decided to reduce many of their sponsorship activities, which would mean they would step back somewhat from their support of the team. However, the Slipstream Sports organisation says that this is not the case. They add that budget constraints have forced them to curtail some aspects surrounding their racing, which is why they are looking for additional financial support.
"Cannondale is not only a sponsor of the team but also a major owner of Slipstream Sports," the team told Cyclingnews in a written statement. "And while Cannondale wish to continue as a major financial backer, we are actively looking for additional sponsors. The team's budget is extremely limited and has been for several years, forcing cuts in areas such as sports science and aerodynamic testing. In order to provide the proper level of support to our riders, we will continue to search for further backing."
The holding company Slipstream Sports has been part of the sport for over a decade, running a development squad before branching into the WorldTour with the Garmin team in 2009. The team merged with the Cannondale squad in 2014, with the manufacturer buying the company and their WorldTour licence. Last year, Drapac joined came on board and became a part owner of Slipstream, bringing with it several riders from the Pro Continental team that they had sponsored.
Last month, Cannondale-Drapac ended a lengthy WorldTour win drought, winning a stage of the Tour of California with Andrew Talansky. It was quickly followed by a second, with Pierre Rolland taking an emotional victory at the Giro d'Italia. They now sit 11th in the WorldTour rankings and will be hoping that they can continue the run of success with Talansky set to lead the team at the Criterium du Dauphine this weekend and the Tour de France next month.
Enjoy your first month for just £1 / $1 / €1
*Read 5 free articles per month without a subscription
Try your first month for just £1 / $1 / €1
Born in Ireland to a cycling family and later moved to the Isle of Man, so there was no surprise when I got into the sport. Studied sports journalism at university before going on to do a Masters in sports broadcast. After university I spent three months interning at Eurosport, where I covered the Tour de France. In 2012 I started at Procycling Magazine, before becoming the deputy editor of Procycling Week. I then joined Cyclingnews, in December 2013.
Thank you for signing up to Cycling News. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.