Pro Cycling Tour President David Chauner announced late Wednesday that enough sponsor dollars have been committed to allow the Philadelphia International Championship race to be held.
The fate of the June 7 race has been in doubt for more than a week, since Chauner said there was a $500,000 funding gap. In a statement Wednesday, Chauner did not name the new sponsors. He plans to do so next week.
“The sponsors are providing enough to ensure we cover the city’s cost requirements, prize money and other budget items critical to running the race,” said Jerry Casale, the Pro Cycling Tour’s chief operating officer and a race founder. “But we still need to sell more tickets and merchandise to break even.”
More than $50,000 has been raised through the sales of VIP viewing area tickets, posters and decals in the past week.
The professional race, titled the TD Bank Philadelphia International Cycling Championship, will be held for the 25th year. It is the largest single-day bicycle race in the nation.
