News emerged yesterday that Dynamo Cover Pro Cycling, the new Irish UCI continental team has collapsed. An email was sent around by the team founder, Eifion Weinzweig, to staff and riders explaining that the team would not be starting in 2016.
The email explained that the issue arose due to the sponsor’s agent receiving an unexpected legal threat amounting to £5 million.
Amongst the riders who were set to line up with the team were Irish riders, Philip Lavery, Mark Dowling and the Downey brothers – Mark and Sean.
The new team was set to be based in Brittany with a race programme focused on the European and UK circuit with races in Asia and North America.
The team have since stated: “We are exploring all options at this time – but the crucial part is the Sponsor Agent which we can’t control.”
Alex Mills, who featured on BBC’s The Apprentice, and was the founder of Dynamo Cover outlined the problems explained the legal situation with the agent on his Twitter timeline.
“Sponsor Agent is responsible for all sponsors inc Dynamo, as we were introduced to the team via the agent. Due to a contract, we and the other sponsors have with the agent, we cannot approach the team direct,” Mills stated.
“Given the legal situation with the agent, we cannot put our money with the agent, as there’s a risk it could be used to part pay-off legal bill (£5m) and never get to the team.”
“All of us sponsors want this to happen, however legally our hands are tied, but we are trying to find a solution. It’s a shame as none of us could have seen this coming.”
Mills then went on to say: “Sadly, the agent was on the scene before me and Dynamo, so can’t change those agreements. Money has not gone to agent yet, so sponsors still have find to support. But we cannot pay direct to team.”
The team line-up was as follows.
Sean Patrick DOWNEY,
Maxime LE LAVANDIER,
Mathieu LE LAVANDIER,