Owner of the EF Education-TIBCO-SVB women’s pro cycling team, To the Top Cycling LLC, has confirmed to Cyclingnews that its two legacy partners, TIBCO Software and Silicon Valley Bank, will not renew sponsorship at the end of 2023 due to what the team have called "recent economic challenges and events".
The two co-title sponsors’ decision not to renew funding comes after the sudden collapse of Silicon Valley Bank in March. The bank’s parent company, SVB Financial Group, then filed for bankruptcy protection, and the bank was taken over by the Federal Deposit Insurance Corp.
“I can’t thank TIBCO and SVB enough for their amazing support over the years. Our partnerships survived everything from the 2008 recession through the COVID pandemic," said Linda Jackson, founder and president of To the Top Cycling LLC.
"TIBCO and SVB’s long-standing support for women’s sports is a testament to their commitment to women in the workplace. The jump to World Tour status required a significant increase in their financial sponsorship. The integrity and commitment of both TIBCO and SVB have been made clear by their continued funding of our team through the 2023 season, despite dramatic financial and economic turmoil.”
Uphill trajectory of EF Education-TIBCO-SVB aided by speed from Jackson and Williams – 2023 Team Preview EF Education First to co-title sponsor TIBCO-Silicon Valley Bank in 2022 Linda Jackson: Creating a pathway for Olympic dreams
Known as the longest-running women’s team in North America, the team succeeded for almost two decades because of their business focus on […]