In the News: USA Pro Challenge at a crossroads
Colorado race faces uncertain future as owners Rick and Richard Schaden are named in lawsuit and have yet to secure additional sponsorship.
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The Denver Post reports that the USA Pro Challenge race is facing an uncertain future with its owners embroiled in a lawsuit. Rick Schaden and his father, Richard, the founders of Quiznos, Smashburger, and Live Basil food chains are being targeted by two behemoth hedge funds in a contentious federal lawsuit.
“A lot of people have looked at this race, but they have shied away from any association with the owners. I don’t think anyone wants to see that out there … but it’s true,” said one of the most influential players in Colorado’s tourism industry.
The source asked not to be identified because the remarks could harm the race, which contributes about $120 million of economic impact across Colorado and serves as a week-long commercial for the state.
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.