- Associated Press - Thursday, October 1, 2015

DENVER (AP) - The family that owns the USA Pro Challenge is giving up the race, allowing the event to pursue a new ownership model.

The Denver Post reports (http://dpo.st/1JEDrE0 ) that father and son Richard and Rick Schaden have been financing the race with their own money. They spent about $20 million to float the race through its first five years.

Rick Schaden says he did not sell the race as he did not believe it was an asset that could be sold.

Race organizers are trying to transition to a large collection of investors as opposed to a single family, which race chief Shawn Hunter says will give the race long-term viability.

The Pro Challenge is a major biking event in Colorado, with hundreds of thousands of people lining the race routes.

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Information from: The Denver Post, http://www.denverpost.com

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