What the Departure of TIBCO and SVB Could Mean for Women’s Team EF Education-TIBCO-SVB
It probably comes as no surprise to anyone who follows financial news as well as pro cycling, but Women’s WorldTour team EF Education-TIBCO-SVB has officially confirmed that both Silicon Valley Bank (SVB) and TIBCO are pulling their sponsorship dollars at the end of 2023. While the news isn’t shocking given SVB’s dramatic collapse, it is a blow to women's cycling since SVB has been a longtime title sponsor.
Team owner Linda Jackson told Cycling News that the recent economic challenges presented to both companies forced them to pull the plug. SVB was all but certainly going to be leaving the team after filing for bankruptcy. TIBCO, a software company that merged with another software company, Citrix, a year ago, has seen rounds of layoffs in recent months. It's not entirely surprising to see them also tightening up their budget for the next year.
Cycling team sponsorships often feel unfair: Non-endemic sponsors in particular come and go from cycling entirely dependent on outside factors. A team like EF Education-TIBCO-SVB can be having a fantastic season, yet if SVB as a bank is struggling, the team will feel the financial blow.
And this year it is particularly poignant, with EF Education-TIBCO-SVB's Alison Jackson taking an impressive victory at Paris-Roubaix Femmes avec Zwift back in April, stunning fans around the world (and delighting them with her finish line dance).
Nor is EF Education-TIBCO-SVB the only team to be suffering from an economic crunch: Recently, rumors started around grocery store chain Jumbo (of team Jumbo-Visma) potentially pulling the plug on their sponsorship of the multi-million dollar pro men’s and women’s program.
Still, Linda Jackson remained largely positive on TIBCO and SVB's contributions to cycling over the years, telling Cycling News: “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... 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.”
EF Education’s sponsorship is still in place, but time is tight for Jackson to find funding to keep the team afloat at its current level for next year, particularly since it is an Olympic year. While she says she will continue to seek alternative funding sources, she also noted that her primary concern was ensuring that the riders on the team were able to find new teams for 2024 if needed.
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