Velo News - Can Wall Street help revive American cycling? A new program could rewrite funding script
Investors in a Colorado-based hedge fund will earmark part of its proceeds to support the USA Cycling Foundation and other grassroots cycling programs.
American cycling will see new financial backing thanks to a unique approach on the traditional funding model that’s creating optimism within the U.S. racing community.
In what’s being described as a game-changer in how cycling is funded, investors in a Colorado-based hedge fund will earmark part of its management fees to support the USA Cycling Foundation and other cycling-focused organizations.
The new funding vehicle, called the Pro Cyclist Foundation, will provide an important new financial lifeline to key infrastructure groups across the U.S. cycling scene.
“Our goal is to work directly with established organizations at the forefront of supporting rider well-being and development, such as the USA Cycling Foundation,” said Greg Casals, Chief Investment Officer at Black Swift Group, a Boulder, Colorado-based investment firm backing the project.