Tour of Alberta initiates bankruptcy with $1.6 million in debt
Teams, organizers, broadcasters and race hotels still owed money following cancellation of 2018 edition of UCI 2.1 stage race
Cyclingnews have obtained documents that reveal the depth and scope of financial ruin left in the wake of the recently cancelled Tour of Alberta. The UCI 2.1 stage race which debuted in 2013 claims to show $1.6 million in financial debt from the 2016 and 2017 editions against just $19,410 in assets. Among the list of those stilled owed money are Rally Cycling whose riders came one-two in the 2017 edtiion as well as the race hotel in Edmonton and the television broadcasting company that produced the live images from the race.
The Alberta Peloton Association was the organization founded to promote the stage race and claims to have absolutely no cash on hand.The Tour of Alberta was won in 2017 by American Evan Huffman (Rally Cycling).
The Tour of Alberta debuted as a success attracting a world class field of racers including Peter Sagan and Rohan Dennis who won the inaugural edition. In recent years, the race has shrunk in size as provincial funding diminished. According to the CBC, since 2013 the province of Alberta has given the race $10 million in funding. When the announcement was made to cancel the 2018 event, organizers cited, “the funding sources we’ve traditionally relied on have decreased and, in some cases, dried up.” The event reportedly cost $1 million a day to put on.
The list of those owed money by the race organizers is long with the Edmonton Westin still waiting for $214,497. The race used the hotel for multiple days in 2017 and 2016. The American company hired to manage the Tour of Alberta, Medalist Sports, is still owed $68,571 according to the documents obtained by Cyclingnews.
The Tour of Alberta was broadcast live and the production company 3G Wireless that produced the race images is owed $177,644. The documents reveal $27,198 is still owed to the city of Edmonton, a commercial tent rental company is owed $41,681 and M31 Design Group is waiting for $155,685. The list continues with NEP a television logistics company owed $92,025 and $65,880 owed to the World Triathlon Corporation which shared a venue with the race in 2016 when the stage race coincided with the ITU World Triathlon Edmonton.
The debt goes beyond the corporate partners of the race with teams still owed thousands of dollars from the 2016 and 2017 editions. Topping the list is Rally Cycling who finished one-two in 2017 and are owed $19,620. EF Education First-Drapac the only WorldTour team to participate in the 2017 edition is still owed $16,697.
