The Schaden family is giving up their control of the Pro Challenge race.
The race organization will now be going after a new business model that will be a collection of national investors as well as community, rather than one family.
Sean Hunter said “The goal is not just raising money. We want strategic investors who understand this opportunity and are willing to grow with it.”
Ken Gart will be part of the search. He’s the head of Gov Hickenlooper’s $100 million “Pedal Colorado” initiative. “I think anybody who does this is going to have a broader social goal.” It’s not for someone who wants an immediate return on investment.
The Schadens had put up $20 million of their own money for the first five years of the race. It’s down to just a $2 million loss at this point.
Apparently they have not sold the race. Rick Schaden said: ” For investing whatever that gap is, 2 or 3 million bucks, you are bringing back another $120 million for your community. It’s an unusually high return, if you look at it as a community spend.”
The race is the largest spectator event in Colorado bringing in $100 million.
Without the Schadens involvement, it may be easier to attract new sponsors. Their legal battles have scared away other potentials.
The tourism office will continue its $500,000 support.
