The Haute Route gran fondo series has announced that German private investor Michael Hartweg has acquired a majority stake in the struggling amateur cycling series from French media company Le Télégramme Group.
Harteg who lives in Switzerland and made his fortune in financial services is no stranger to the business end of endurance sports, including biathlon and cross-country skiing events. He is also an avid gran fondo cyclist and triathlete who has competed in several Haute Route races.
On the acquisition, he commented: “The Haute Route is a project I am really passionate about and I am looking forward to putting my energy into helping the event reach the next level of its potential.”
After a failed expansion of Haute Route events in United States, combined with declining rider entries, the worldwide multi-day amateur cycling series has proven to be a challenging business model to grow year after year.
Haute Route has cancelled 8 events scheduled for 2020, including their flagship week-long Haute Route Alps race. Two 3-day events are still in the works, Haute Route Mexico and Haute Route Ventoux, both in October.
Harteg is confident in Haute Route’s ability to regain it’s leadership position in the post pandemic amateur cycling market. “Together, the team will be tasked with continuing to future-proof the cycling series and position it as a leader in the fast-changing amateur cycling market.We have ambitious plans and I have full belief in the potential of this project to be an innovative global player.”
Haute Route plans to announce their 2021 event schedule in August.