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Investors put $10 million into Quiznos Pro Challenge race |
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Friday, February 25, 2011 08:16 |
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(AP) Colorado investors Rick and Richard Schaden on Thursday announced they were investing $10 million into the Quiznos Pro Challenge bike race scheduled to traverse Colorado's high country in August, reported the Denver Post.
Colorado Springs will host the Prologue to the weeklong event on Aug. 22.
The 20-year majority shareholders of Quiznos and founders of Denver's Consumer Capital Partners said the investment beyond the sandwich company's sponsorship ensures the race will be around for a long time.
"This investment further demonstrates our commitment to the future of the Quiznos Pro Challenge," race owner Rick Schaden said in a statement. "Showing financial stability in addition to sponsorship showcases the event's potential for longevity in the international sports arena."
The Schadens' support gives the Quiznos Pro Challenge "vision, strong financial commitment and patience," said Shawn Hunter, a veteran sports executive who helped establish the Tour of California and was recently tapped to serve as co-chairman of the Quiznos race with Rick Schaden.
Hunter said Denver billionaire Philip Anschutz's ownership support of the 7-year-old Tour of California has grown that race into the largest cycling event in the U.S. Coloradans can expect the Schadens to do the same. With the $10 million investment, team sponsors, USA cycling and all the other sponsors can feel safe directing their time and money into the race.
"They know this event will be around for the long term," he said.
Hunter said lawyers are perusing a television deal that will deliver live coverage of the event, a huge bonus for host cities like Salida, Gunnison and Crested Butte. A formal announcement of the television deal should come in the next couple of weeks.
PHOTO: A cyclist cruises down Lookout Mountain Road in Golden. The road is part of one of three routes under consideration for the inaugural Quiznos Pro Challenge cycling race, which begins in August. / Denver Post
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