Team Exergy Folds
Exergy was a US Continental Team. They rode in the Tour of California. One of my friends was a sprinter for them last season. Exergy blames Armstrong and the scandals, but reality is that they were having trouble paying bills last year.
Team Exergy, a men’s UCI Continental pro team since 2009, will not return in 2013, the team said in a statement Tuesday.
Exergy Development Group, the alternative energy consortium that sponsored U.S.-based men’s and women’s road teams, as well as several major U.S. events, spent much of 2012 struggling to pay its cycling sponsorship contracts on time.
Citing ‘scandal and deceit’ Exergy cuts sponsorship of pro men’s team
It seems that the riders were the last to know. Fast Freddie heard the news from the media:
Contacted for comment, the team’s marquee rider, former U.S. champion Freddie Rodriguez, currently riding from San Francisco to Los Angeles to raise awareness for his youth cycling foundation, acknowledged that he’d also heard rumors of the team’s demise, but added that he could not comment without full information.
“At this point, I’m not in a position to know what is the truth,” said Rodriguez, who had a contract with the team through 2013. “I really hope it works out. In Exergy we finally have a company in the sport that has good product, in clean energy. With the current state of the economy, that has put a damper on the situation, but hopefully something gets worked out, and everything that we’ve created this year continues.”
Former Exergy Rider Sam Johnson tweeted:
KROGG VERY UPSET. NEWS ABOUT TEAM FOLDING SHOULD NOT BE INTRODUCED TO KROGG THROUGH CYCLING MEDIA!
from his twitter account.
Bummer for them. They just picked up Wilier as a sponser last week.
A little rant from a friend of mine regarding this:
Drop the men's team. Shitty but in the eyes of the bean counters, needed. Especially facing multiple lawsuits and basically being bankrupt. Same deal for the stiffing of the women's race in Idaho where they bailed on a bunch of bills. The USGP of CX? who's going to follow an event that doesn't even get any Olympic dollars or support? That'll blow over quickly. Throw in a little recent hype about the corruption of the sport and it's pretty PR
savvy to the folks on Wall St that only read about cycling through the Journal and The Times. The only side of their sponsorship they need to appear to make look good is the women's team because it has a 2 time Olympian on it and they just signed Mara Abbott with the intent to get her a medal. The men's team, the event sponsorship, the USGP and Worlds CX? That was all window dressing to make themselves look bigger and better than they were in the eyes of investors. They had no idea how to pay for all their lies, but went full steam ahead and you can bet when this is all over, James Carkulis and everyone else on Exergy's board will have lined their pockets and stripped the company for all they can before running the company into the ground. They run a company the way Bowfinger shoots a movie.
Formerly Gripped. Now new and improved.
This is nonsense. The CEO has a history of fraud and they are far behind on multiple sponsor commitments. They own the Louisville Worlds organizers $350,000 and there is no evidence they will pay.
Instead of saying they can't pay they pretend they are dropping the sport because it will not address it's issues. Sends a terrible message to other sponsors
what a fraud
That is exactly what I thought when reading the article a miserable smoke-screen. They
are using the doping scandal to cover there own sleazy business dealings. Pathetic.
All I said was that our son, the apple of our three eyes, Martha being a cyclops, our son is a beanbag, and you get testy!
The ENRON of green energy.
"Pardon me, but could you help out a fellow American who's down on his luck?"
How come Armstrong's doping scandal connects w/ their sponsorship?
It's easy to understand that they ended to bankruptcy.
“Pain is temporary. Quitting lasts forever.”
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