Oath, the parent company of several major media brands cancels its sponsorship of Slipstream's EF Education-First Drapac team.
The Denver Business Journal reports that Oath has canceled its sponsorship of Slipstream’s EF Education-First Drapac team. Oath is the parent company of several major media brands including HuffPost, Yahoo, AOL, Engadget, and TechCrunch.
Suzanne Philion, a spokeswoman for Oath, provided a short statement for The Denver Business Journal’s report: “While we will no longer be working with Slipstream, we wish the Cannondale-Drapac team success for the 2018 season.” She also said the company “remains committed to partnering with global brands to create and deliver innovative content for our users.”
Team CEO Jonathan Vaughters declined to comment on Oath’s withdrawal but told VeloNews that the move does not put the team’s future in jeopardy.
Oath was expected to add its own branding, or possibly that of one of its media subsidiaries, to Cannondale’s kit and team vehicles beginning in 2018. The deal’s financial details were not disclosed when it was announced in July. As part of the partnership, Oath and the team were planning to produce and distribute video and other media content from inside the world of professional cycling.
One month later, in August, the Slipstream outfit’s future looked to be on the rocks. The team revealed that a major sponsor had pulled out. Thanks to a high-profile crowdfunding campaign, Jonathan Vaughters and his team attracted a new title sponsor, EF Education First, for the next three years.