Tour of Alberta leaves $1.6 million wave of debt in its wake
The recently cancelled Tour of Alberta and the organisation that promoted the event for its five-year run still owe creditors more than $1.6 million (Canadian), according to bankruptcy documents Cyclingnews obtained this week. The Alberta Peloton Association, the organisation formed specifically to promote the UCI 2.1 race, claimed $1,615,408 in outstanding liabilities against $19,410 of assets, all of which come from "machinery and equipment." The Alberta Peloton Association claims it has no cash on hand or any other assets, according to the documents. Hotels for teams, staff and the large entourage necessary to put on the race make up the lion's share of the debt, with the Edmonton Westin, which housed the race entourage for multiple days in 2017 and 2016, owed $214,497, according to the document. Medallist Sports, the US company hired to manage the event, is owed $68,571. Other major debts include $177,644 owed to television production company ...
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