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UPDATE: Regulators over the weekend stepped in and vowed that funds deposited at SVB will be accessible. It remains uncertain how the fallout will impact the bank’s sponsorship deals.
Regulators acted Friday night to shut down Silicon Valley Bank (SVB) in a move that could have repercussions for the U.S.-based Women’s WorldTour squad EF Education-Tibco-SVB.
Officials took control Friday of SVB’s assets in what’s being touted as the largest failure of a U.S. bank since 2008.
The California-based SVB became co-title backer of Linda Jackson’s long-running women’s team in 2015 and shared naming rights with software business Tibco through 2021.
EF Education came on board in 2022 and helped boost the then-Conti level team toward the WorldTour.
The team has not yet released any official statement regarding SVB’s shutdown.
VeloNews has contacted team officials for information as to how the bank’s collapse could impact the squad’s imminent future.
The team’s 15-rider roster for 2023 includes North American stars Veronica Ewers and Clara Honsinger and multi-discipline British ace Zoe Bäckstedt.