EF Education First has been confirmed as the new title sponsor of the Cannondale-Drapac team for the 2018 season.
Jonathan Vaughters announced the name of the sponsor on Saturday afternoon, confirming the new sponsorship saves the team from closure. The company stepped in after a potential sponsor backed out, leaving the team $7million short and its future in doubt.
EF Education First is a Swedish firm with offices and schools in more than 50 countries. It offers language training, educational travel, academic degree programs, and cultural exchange.
The team will be known as EF Education First – Drapac powered by Cannondale.
As part of its campaign to raise money or find a sponsor, the team announced a crowdfunding project. The Fairly Group, a consulting group belonging to the family of former pro cyclist Caleb Fairly, said that it would match donations up to a total of two million dollars. As of midday Saturday, the fund had raised $539,040.
The action seems to have been reponsible for convincing the new sponsor to come on board. On Friday afternoon the team tweeted, ” Our new naming partner was energized by the #SaveArgyle movement. We ride on because of YOU. We are grateful, humbled and so, so excited.”
Riders under contract
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