Philadelphia's new bike race gets its first sponsor

The Philly Cycling Classic, the city's new bike race just got its first sponsor.

New Penn Financial is set to dish out six figures toward the summer event. Spokesman Ed Donovan would not disclose the exact dollar amount the company will contribute. Last week, Ken Smukler, spokesman for Congressman Bob Brady said preliminary costs for the race were $500,000.

The new race will be held on June 2, the same date the Philadelphia International Cycling Championship was set to be held. But, the event's founder David Chauner announced last month that there would be no 2013 race due to a loss of sponsors and rising city costs. He also still owes the city over $300,000 for last year's race. Brady stepped in and has since created the Philly Cycling Classic.

Philly Cycling Classic Announces First Sponsor Commitment -- New Penn Financial

The Plymouth Meeting-based lender becomes the first sponsor to support the new Philadelphia cycling race

Philadelphia, Penn – February 4, 2013 -- The Philly Cycling Classic today announced its first major sponsorship commitment as New Penn Financial, headquartered in Plymouth Meeting, PA, has agreed to become a six-figure sponsor of the newly announced professional cycling race in Philadelphia in 2013.

“We want to thank New Penn Financial for their commitment, but more importantly their leadership in making the first significant financial investment towards the race in 2013,” said  Richard Adler,  a founding board member of the new non-profit entity formed to operate the race.   “As we work diligently to make the Philly Cycling Classic a reality this year, their commitment will go a long way in supporting the event as well as our efforts to attract other sponsors to host this world-class event in our hometown.”

Jerry Schiano, New Penn's President and CEO, said, “We did not want to see Philly without its signature bike race. So, when Congressman Brady took action, we reached out to him and became a sponsor. As a Philly based organization, we think it’s important to keep this world-class race going, bringing positive attention from spectators and racers to the city. New Penn Financial is proud to step up for the city that we call home.”  

Congressman Robert A. Brady said, “We need more New Penn’s in our city; an example of a regionally-based corporate citizen that understands the importance of this race to the identity of our city.  Holding onto our traditions may not always be cheap and it may not be easy, but it is vital to our being the city we want to be – an international city with a world-class cycling race.”

The leadership of The Philly Cycling Classic is currently in advanced sponsorship discussions with several other companies and an announcement of an event Title Sponsor and other levels is expected in the coming days.

Philly Cycling Classic will be operated by a community-based non-profit organization formed to organize and host the new world-class professional cycling race in Philadelphia beginning in 2013.  The organization was created though the leadership of Congressman Robert A. Brady and represents a mix of sports event professionals with a proven track record of hosting world class events in Philadelphia, cycling advocates, and local business and community leaders.