Cycling Road & Mtb

RAAM/UMCA Deal Closed

Details

Parent Category: Gran Fondo Road & Mtb

Category: Amateur cycling news 2010

Published on Monday, 04 January 2010 20:18

Written by Marcella Crisanti

Fred Boethling, President/CEO of RAAM, LLC, and Nick Gerlich, President of the Ultra-Marathon Cycling Association (UMCA), announced the completion of a transaction which puts the operational and intellectual property components of the Race Across America (RAAM or the Race) back together and separates the management of the Race from the UMCA. The Race Across America, ranked as the world’s toughest endurance athletic event, is an annual non-stop, coast-to-coast, bicycle race. In 2006 Race veteran, Fred Boethling, and Managing Director of the UMCA, John Hughes, acquired the Race. The arrangement was structured such that RAAM, LLC acquired the physical assets associated with the Race and the UMCA acquired the intellectual property. RAAM, LLC then entered into a licensing agreement with the UMCA which gave RAAM, LLC the right to operate the Race. After three successful Races, it was decided the original acquisition structure had served its useful purpose and the pieces should be put back together again. An agreement was reached and a letter of Intent executed October 8, 2009. The 2010 Race Across America will be the 29th edition of the Race. Racers will again start in Oceanside, California and finish in Annapolis, Maryland. Solo racers will make the 3,000-mile trip in 8 to 12 days and teams in 5-8 days. According to Boethling and Gerlich, “We’re both very pleased to have the transaction complete. We can now focus on building our respective organizations. Of course, we expect to work together to take advantage of growth opportunities in the sport of ultra-endurance cycling.”