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TIBCO-Silicon Valley Bank sponsors increase funding to support team's bid for Women's WorldTour status

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TIBCO-SVB

TIBCO-SVB team at the USA Cycling Pro Road Championships (Image credit: Patrick Daly)
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TIBCO-SVB

TIBCO-SVB team at the USA Cycling Pro Road Championships (Image credit: Patrick Daly)
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TIBCO-SVB

TIBCO-SVB's Lauren Stephen's wins the road race at the USA Cycling Pro Road Championships (Image credit: Patrick Daly)

TIBCO-Silicon Valley Bank announced Thursday that it will file an application for a Women's WorldTour licence in 2022. The American outfit, owned and managed by Linda Jackson, has secured the additional funding through its existing partners to pay for the heightened financial requirements, such as increased rider salaries, to be part of the top-tier of women's teams.

“Securing increased pay and expanding resources for Team TIBCO-Silicon Valley Bank is an essential step in establishing gender equity for these professional riders and the many women who aspire to compete at this level,” said Dan Streetman, chief executive officer of TIBCO. 

“Our 16-year partnership with the team has always been about taking action, pushing limits, and achieving results. We’re honored to support the team in their efforts.”

In addition to paying significantly higher rider salaries, TIBCO-Silicon Valley Bank has also confirmed that it will provide its riders with critical resources needed to achieve their goals, including improved infrastructure, specific training camps, a performance director, and additional coaching and directing staff.

“Our sponsorship of Team TIBCO-Silicon Valley Bank is symbolic of our efforts to support ambitious, hard-working women in all of their endeavors, from cycling to entrepreneurship to innovating world-changing technologies,” said Greg Becker, chief executive officer of SVB Financial Group and Silicon Valley Bank. 

“By increasing our commitment to this talented team, we are aiming to ensure that Team TIBCO-Silicon Valley Bank riders can concentrate solely on cycling in pursuit of their ambitious goals.”

There are currently nine teams competing among the top-tier of teams - SD Worx, Alè BTC Ljubljana, Canyon-SRAM, FDJ Nouvelle-Aquitaine Futuroscope, Team BikeExchange, Liv Racing, Movistar Team Women, Team DSM and Trek-Segafredo. In 2022, the UCI will make space for 15 Women's WorldTeams.

The heightened financial requirements for Women's WorldTeams includes a multi-year sponsorship guarantee, a minimum salary for contracted riders, along with social insurances and benefits such as maternity leave. The minimum salary requirements rose to €20,000 (employed) this year and will equal the second-tier men's ProTeams, currently set at €32,100, by 2023.

Jackson, who is one of the most successful female professional cyclists to have come from Canada, has dedicated the next chapter of her career to creating opportunities for American and Canadian women to pursue their Olympic dreams through TIBCO-Silicon Valley Bank.

The team is currently in their 16th year in the professional women’s peloton and the team includes American Champion Lauren Stephens, Tanja Erath, Japanese Champion Eri Yonamine, Eva Buurman, Clara Honsinger, Leah Dixon, Australian Champion in the time trial Sarah Gigante, Kristen Faulkner, Nina Kessler, Emily Newsom, Diana Peñuela, Emma Langley and Maddy Ward.

“I am proud that we are able to step up to the World Tour level for 2022. We have been working toward this goal for several years and it is so rewarding to finally see everything fall into place," Jackson said.

"Female cyclists have suffered financially for decades, and it’s wonderful to be able to pay these athletes at a level that enables them to focus on their sport and achieve their goals. 

"TIBCO and Silicon Valley Bank have supported this cycling team for 16 years, and their increased commitments to our team are representative of their support of women in all fields. I am so proud to have them as our partners." 

Kirsten Frattini is an honours graduate of Kinesiology and Health Science from York University in Toronto, Canada. She has been involved in bike racing from the grassroots level to professional cycling's WorldTour. She has worked in both print and digital publishing, and started with Cyclingnews as a North American Correspondent in 2006. Moving into a Production Editor's role in 2014, she produces and publishes international race coverage for all cycling disciplines, edits news and writes features. Currently the Women's Editor at Cyclingnews, Kirsten coordinates global coverage of races, news, features and podcasts about women's professional cycling.