Riders and team staff were left aghast last Friday when out of the blue, "funding issues" and an "uncertain R banking and finance sector" led to the sudden collapse of AT85 Pro Cycling, formerly known as Wiv-SunGod.
Team owner Tim Elverson had previously spoken of his hopes to move to the ProTeam level for 2024 but then last week "bombshell" news hit the squad, whose headline sponsor is an investment fund, that a financial shortfall was going to force it to close.
Speaking to Cycling Weekly, sports director Colin Sturgess said: "I don't think it's hyperbole to say it's with absolute regret and a heavy heart that all of us have learned about this. I don't think any of us could have foreseen the timing of it."
Being hit just weeks into the new season by the loss of sponsorship leaves AT85's contracted riders in an almost irrecoverable position. Sturgess explained that he had been scrambling to find positions for his charges elsewhere but to little avail.
"This time of year is the worst. It's very hard for riders and staff to get a place elsewhere because budgets in other teams are tight and already sewn up," he said. "I've spoken to a few teams for riders and they've said, 'We'd love to help, but we're committed to 16 riders.' They've already signed off on deals, so if they then put an extra rider or two in, they then put themselves in financial difficulty so the knock-on effect is huge."
This story is from the March 23, 2023 edition of CYCLING WEEKLY.
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This story is from the March 23, 2023 edition of CYCLING WEEKLY.
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