Slipstream Sports, owner of the Cannondale-Drapac Pro Cycling Team, appears to have been saved going by a tweet from CEO Jonathan Vaughters and a report earlier today that it had secured a new sponsor.
At around 7pm UK time on Thursday evening, Vaughters tweeted: "I just had one of the happiest moments of my life!!! More news to come."
I just had one of the happiest moments of my life!!! More news to come.
— Jonathan Vaughters (@Vaughters) September 7, 2017
in late August, the team revealed that it had released riders and staff from their contracts after promised sponsorship fell through, leaving a $7 million funding shortfall.
The reaction of fans to that news prompted Slipstream Sports to launch a crowdfunding campaign through Indiegogo.
To date, that fundraising drive has raised more than $500,000 in the week or so it has been live, with donations up to $2 million being "matched by Fairly Group and other generous supporters."
Earlier today, Cyclist cited a source close to the team as saying that a sponsor had been secured to let the UCI WorldTour outfit continue to race in 2018.
The new backer was reported as being from outside the cycling industry.
For now, its identity - assuming the report is true - has not been disclosed, but judging by Vaughters' tweet, some good news from the team will be revealed very soon.
Simon joined road.cc as news editor in 2009 and is now the site’s community editor, acting as a link between the team producing the content and our readers. A law and languages graduate, published translator and former retail analyst, he has reported on issues as diverse as cycling-related court cases, anti-doping investigations, the latest developments in the bike industry and the sport’s biggest races. Now back in London full-time after 15 years living in Oxford and Cambridge, he loves cycling along the Thames but misses having his former riding buddy, Elodie the miniature schnauzer, in the basket in front of him.