A major outdoor sporting event will stay in Richmond thanks to a sponsorship agreement struck with a local sponsor.
Luck Stone Corporation has committed at least $25,000 to sponsor this year’s XTERRA East Championship, a sporting event featuring a mountain bike triathlon race in and alongside the James River. The event will take place June 11-12 and mark its 13th year in Richmond.
Mayor Dwight Jones, Councilman Doug Conner and Luck Stone executive Bob Grauer made the announcement at a press conference at Brown’s Island this morning.
“We are talking to XTERRA and the city on a multi-year sponsorship agreement,” Grauer said, “We don’t want this to be a one-done.”
The event’s future in Richmond has been uncertain since Nissan pulled out as the sponsor in 2009. Hawaii-based Team Unlimited, the event’s organizer said it couldn’t continue without financial assistance. Last year locally-based Heritage Union Life Insurance sponsored the event, but could not make a multi-year commitment.
An Old Dominion University professor estimated the 2010 economic impact for the two-day event at just over $1 million.
Jones said finding a sponsor was essential to keeping the race in Richmond.
“We keep the trails up and provide logistics but the financial piece is the piece that was missing,” Jones said.
Jones gave 9th district Councilman Doug Conner credit for bringing Luck Stone on board.
“Had we not been able to find Luck Stone like we did, this certainly would have gone to Charlotte, North Carolina,” Conner said.
Previously on BizSense:
The end of the trail for popular triathlon?
The couple hundred people Luck layed off over the past 2-3 years must be happy to see money being thrown away for this.
This is great news! I love attending the XTERRA games!
Will, why be negative? How many employees can you keep on the payroll with $25,000? Never mind employees with desirable skills. Considering Social Security and Health Insurance payments, we’re talking about maybe 1/3rd of an employee. Even profitable employers got rid of employees over the past few years. Layoffs aren’t always bad b/c employers sometimes need to lose dead weight.
I think that this is great news too. Xterra is a great family event and being the “East Coast Championship” race, it draws a lot of out-of-towners to Richmond. Finally, it feels good to keep some cool points for Richmond, versus seeing Charlotte swoop in and steal them as would have been the outcome w/out Luck stepping up.
Wonderful news for the few people that actually attend this event.
Good win! Congratulations Mayor Jones and Councilman Conner. Thank you Luck Stone. This is always a great event.
Thanks for stepping up Bob and Luck Stone Corp and for investing (and believing in) Richmond’s future. For those of you who may not live, work nor visit in or near our terrific “Urban Center on the James” you are missing out on a great experience.
This will be the 13th year for XTERRA in Richmond, and the River City is widely regarded as the sport’s finest urban adventure. If you don’t want to be in the high energy crowd during the race weekend, try walking Brown’s Island, Belle Isle AND our beautiful urban trails one of these great spring weekends soonest. You may well be in for a great adventure yourselves. See map and details for the 2011 event at: http://www.xterraplanet.com/races/race.cfm?race_id=1242
This is good news, and not just for those who attend the event. Luck Stone’s sponsorship helps keep a unique and positive event in Richmond, and has an economic impact of over $1 million.
When it comes to things like this, a region tends to either lose or gain momentum as a destination. Luck’s sponsorship helps keep Richmond on the radar as a cool destination for visitors, businesses, and families.
And a shout out to Richmond MORE, who volunteers hundreds of hours to build and maintain the JRPS trails, helping give Richmond as having one of the best urban trails in the entire country!
Great to hear that the XTERRA gmes will stay in Richmond. Thank you Luck Stone. You have our gratitude. I will be there to cheer on the participants.