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.”
Known as the longest-running women’s team in North America, the team succeeded for almost two decades because of their business focus on making sure its sponsor’s business objectives were being met through the program.
The team engaged not just to test, refine, and promote cycling products; but on broader sales, business development, marketing, and diversity and inclusion initiatives for TIBCO Software and Silicon Valley Bank.
The team originated out of a local bike shop in Palo Alto and have been the home team for riders like Brooke Miller, Megan Guarnier, Skylar Schneider, Lauren Stephens, Kendall Ryan, Lex Albrecht and Alison Jackson, just to name a few.
Linda Jackson’s mission since the team began 19 years ago was to provide opportunities for women to compete in world-class cycling and in their pursuit of racing at the Olympic Games. Her goal has been to steadily improve the team without losing focus on its developmental roots.
The team currently includes 16 riders; Zoe Bäckstedt, Elizabeth Banks, Femke Beuling, Letizia Borghesi, Krista Doebel-Hickok, Veronica Ewers, Kathrin Hammes, Clara Honsinger, Alison Jackson, Emma Langley, Sara Poidevin, Omer Shapira, Abi Smith, Lauren Stephens, Magdeleine Vallieres and Georgia Williams.
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