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 has been news editor at road.cc since 2009, reporting on 10 editions and counting of pro cycling’s biggest races such as the Tour de France, stories on issues including infrastructure and campaigning, and interviewing some of the biggest names in cycling. A law and languages graduate, published translator and former retail analyst, his background has proved invaluable in reporting on issues as diverse as cycling-related court cases, anti-doping investigations, and the bike industry. He splits his time between London and Cambridge, and loves taking his miniature schnauzer Elodie on adventures in the basket of her Elephant Bike.