Pro Challenge at crossroads that might require founders to sell - Aspen Times
But after five years, what the Pro Challenge still lacks is a title sponsor that can keep it alive. The Pro Challenge, though, has an additional obstacle to overcome in its quest for a big-money sponsor: the race’s owners, the deep-pocketed but lawsuit-plagued father-son team of Richard and Rick Schaden, who insiders say need to let it go. “I... Rick Schaden, who launched the Pro Challenge in 2011 with a promise of a five-year commitment, said he does not foresee selling but does hope to keep the race afloat. “This is not a sellable race, in my opinion,” he said. “We will be working the phones real hard for a little more government support and a little more support from cities that benefit. Losses have dwindled every year, from an estimated $10 million that first year to $2 million this year. “If that gap continues to be smaller and smaller, you know, we want to keep doing it,” said Schaden, who is missing this year’s race while he rallies with owners of his 350-restaurant Smashburger chain in Minnesota. “Our goal is to keep the race going. We are very open-minded as far as how we can do it. ”. Next month, Schaden and race chief Shawn Hunter will pore over 2015 race metrics, concession sales and sponsorship support. Source: www.aspentimes.com
