The Pro Cycling Tour officials allowed a Monday deadline to pass without making an announcement whether the 25th annual championship race will be held June 7. On Tuesday, PCT President David Chauner said that talks have opened with a potential new sponsor for the race. Chauner is facing a $500,00 funding gap.
According to a statement on the PCT website, funding from the unnamed prospective sponsor would go a long way toward filling the gap. Chauner expects to announce further details tomorrow.
Since the announcement last week that the race was in jeopardy, supporters have contributed more than $50,000 to the race through the purchase of tickets to a VIP viewing area, commemorative posters and decals and outright donations. Gov. Ed Rendell has also met with Chauner and pledged $50,000 to save the race, the Philadelphia Inquirer reported today.
It will cost about $1.7 million to hold the event, the Inquirer initially reported last week. The loss of sponsorship and the decision of Philadelphia Mayor Michael Nutter to charge the PCT for about $250,000 in police, emergency services and sanitation costs contributed to the shortfall. Philadelphia had previously contributed those expenses. The Philadelphia race is the largest single-day bicycle race in the nation.
