Le Col-Wahoo cycling team in tight spot after investor backs out of sponsorship deal

After an investor backed out of the deal, British team Le Col-Wahoo finds itself in a tight spot. As of yet, the team has not confirmed which sponsor has left.

The team manager Tom Varney told Velonews that it will face a budget deficit of around 400,000 euros or roughly 50 percent of its total budget due to this change."One of our main partners has indicated that they cannot fulfil their agreement," Varney told Velonews.

Varney is optimistic about finding a new sponsor before the season starts, but has informed the riders to look for other teams in case it does not work out. "I have informed all riders and staff members and told them they may look for another employer. I am also in contact with managers of other teams to see what is possible. I think three or four riders have already agreed to a new team, which is good," said Varney.

He further added, "By saying goodbye to the best-earning riders, we have a better chance of continuing. We have already had several talks with potential backers, and there will be more clarity soon. However, it is a particularly annoying and unfair situation, especially since it is already so late in the season."

Although he can't expect results with top riders gone, he hopes things will work out somehow. "As things stand, we still have our second-highest budget for next year. It's more than we're used to, although it's nowhere near what we had this year. The most likely thing is that we will continue at a lower level next year, although I don't know exactly what that will look like yet. I’m not shying away from it, and I’m trying to help riders and speaking to managers. We have a lot of good people who have taken it quite well considering. Let’s see how it involves,” concluded Varney.