Global education company EF Education First has agreed a naming-rights partnership with Cannondale-Drapac in a move that secures the long-term future of the UCI WorldTour cycling team.
The team will officially be known as Team EF Education First-Drapac presented by Cannondale for the 2018 season. EF will also eventually become the majority owner of Slipstream Sports, the holding company that owns Cannondale-Drapac.
US bicycle manufacturer Cannondale will now serve as a presenting partner of the team instead of a title sponsor.
Slipstream Sports said the long-term partnership with EF Education First secures the team’s future “for years to come”.
The US team had been facing an uncertain future after announcing last month that its riders and staff would be free to pursue options for the 2018 season amid a key sponsor withdrawing its plans to invest in the squad.
Slipstream Sports subsequently launched a crowdfunding campaign designed to secure the future of the team, and it was revealed last week that riders’ contracts would be honoured after all. EF, which was founded in Sweden but is now headquartered in Switzerland, was unveiled as the team’s new title sponsor on Saturday.
Slipstream Sports chief executive Jonathan Vaughters said: “Drapac’s focus is athlete education, athletes being healthy and whole, having options in life. That’s what these guys at EF are all about. Education is what they do. They’re about breaking down cultural barriers and teaching people how to communicate. It’s a sponsor that feels socially relevant in this day as the world becomes increasingly global and communication among cultures becomes more critical. I think it also matches the ethos of Slipstream Sports. I couldn’t ask for a better fit.
“This partnership would not have come off without the fan support. That ground swell showed a level of engagement that enticed potential sponsors to step forward. The world we live in is all about engagement. It’s not about pure numbers. It’s about ‘are you really reaching your audience?’ and our crowdfunding proved that our fans are engaged — engaged all the way into their wallets. That’s incredibly special and humbling. That demonstrated to the world that this team is an entity that people love and support. We could not have gotten this deal had our fans not mobilised the way they did.”
Edward Hult, chief executive in North America for EF Education First, said: “We were inspired to step in and become the team’s title partner, and will become majority partner, after learning about the #SaveArgyle campaign and witnessing the incredible outpouring of support from fans around the world.
“We have been moved by the powerful way that cycling unites people of diverse backgrounds in a peaceful, fun, and friendly way to achieve extraordinary athletic feats. It aligns perfectly with EF’s mission of opening the world through education and our commitment to bringing different cultures together.”