World Cycling League Closes $1 Million Funding Round
Financing will lead to World Class Indoor Velodrome Development and First WCL Racing Season.
The development of the United States East Coast’s first indoor velodrome and a new league for track bicycle racing is now set in motion thanks to a $1,000,000 private equity commitment from a Connecticut investor.
World Cycling League, which piloted its first series of TeamTrak indoor track cycling events in Los Angeles last year, is now buoyed to further develop the league and spearhead the creation of the National Velodrome and Events Center, WCL’s world headquarters. The velodrome, offices and international production studio will be located in Reading, PA at a site to be announced soon. The opening is expected to be in time for the 2018/2019 indoor racing season. With cycling’s worldwide popularity, including 1.15 billion fans and enthusiasts and the Olympics providing a showcase for track cycling, the time is now for a league that engages traditional cycling followers as well as today’s sports fans who increasingly seek sports action over the internet.
The investor, Rick Mayer, is no stranger to business investment and philanthropic activity. His diverse thirty year business career includes working in finance at Morgan Guarantee Trust and running a variety of international companies. Throughout his career, Mayer has been an advisor and private equity investor in a variety of businesses including internet media, entertainment and sports. He president of the MFUNd Foundation, a family philanthropic trust and a founder and partner in Everybody Plays Foundation, a Connecticut based non-profit focused on developing an indoor velodrome and sports complex being planned for the New Haven area. Mayer is graduate of Yale University.
“As a lifelong cyclist, I have always been interested in improving the sport and providing dedicated cyclists with career opportunity,” Mayer said. “The WCL has an amazing vision of what track cycling can be and a solid, experienced team to drive that vision.”
Charles Baker, one of the WCL directors, is an attorney who chairs O’Melveny & Myers’ Sports Industry Group, a corporate practice which encompasses mergers and acquisitions, private equity, and venture capital transactions, with a core focus in the sports, media and consumer sectors.
“Having seen many start-up sports leagues, it typically takes an angel investor like Rick to provide necessary seed funding to engage marketing talent and begin building the brand, but also as a catalyst to show other investors that there’s not only a big vision, but a real plan and committed leadership” Baker said.
According to WCL CEO, David Chauner, an Olympic cyclist and international cycling event producer with a forty year history in the sport, the League now has funding to engage marketing and finance experts who are charged with generating revenue through corporate sponsorship, media partnerships and additional investment.
Mayer’s investment, coupled with private funding by founders Chauner and John Nelson, WCL’s COO, enabled the league to introduce and successfully test its new high energy TeamTrak format at WCL’s pilot event at AEG’s VELO Sports Center in Carson, CA last year. In building upon the seed financing, there are opportunities for interested investors, both private and institutional, to be part of the world’s first and finest cycling league.
WCL’s opening season will consist of twelve three-day “TeamTrak” tournaments held between October 2018 and March 2019. Each tournament will feature six teams of eight cyclists (4 men and 4 women) competing in a two hour program of twelve, head-to-head races in a made-for-video format designed to showcase the excitement and explosiveness of track racing. All tournaments will be livestreamed and will feature unprecedented technology designed to engage viewers, provide home teams to follow and build new interest in the sport.