Slipstream Sports, the Boulder parent company of the Cannondale-Drapac professional cycling team, has started a crowdfunding campaign in the hopes its fans can sustain the business after unexpectedly losing one of its main sponsors.
The backer pulling its support from the team has not been publicly identified.
Jonathan Vaughters, founder and CEO, says the 100-employee organization will disband if it can’t find the $7 million it needs to fund a $14 million to $16 million operating budget for the 2018 race season.
The team may have only a couple weeks to shore up its finances.
The sponsorship shortfall surprised many, coming a month after Slipstream struck a partnership with Verizon-owned Oath, the online media company made from the combination of Yahoo and AOL.
Read more at the Denver Business Journal: http://bit.ly/2vC6UzZ