05 Oct World Cycling League Targets Indoor Velodrome Development
Veteran Tax and Finance Expert, Patrick Rowland, Joins the WCL Team
New Haven, CT: The World Cycling League is pleased to announce that Patrick Rowland, CPA has joined the WCL team as an advisor to help develop a network of specially designed indoor velodromes capable of hosting future WCL conferences and track cycling development programs on the East Coast.
Rowland is an experienced public finance and accounting expert with a 26 year career foundation in top-tier national accounting firms and global manufacturing companies including Arthur Anderson, Deloitte, First Niagara Bank, Marcum and others. His accounting, taxation, public finance, microeconomic analysis, fiscal planning, and analytical skills have been utilized by a variety of large and small businesses to support acquisitions, divestures, mergers, unique financings and more.
“Patrick’s tax and finance background is a huge asset to the WCL,” said Rick Mayer, a WCL principal and investor who is spearheading the effort to develop an indoor velodrome and BMX track in the New Haven, CT area. “In addition to bringing a unique financing structure for our velodromes, he understands the challenges and opportunities facing cycling today.”
Mayer and Rowland met in 1996 when they worked together on the Special Olympics World Games and subsequently collaborated on the 1997 USCF Junior National Road Cycling Championships held in New Haven. Rowland also developed and managed the women’s Verizon Wireless Pro Cycling Team from 1997 to 2004 and experienced first-hand the global nature of cycling as his team had members from Japan, Australia, Belgium, Canada, Israel, and the US. The team raced internationally for several years and gave Rowland a deep appreciation of the sport.
Key to the relationship with the WCL is Rowland’s unique perspective on how to plan, finance and successfully operate indoor velodromes that suit the needs of the WCL and serve both the sport and the communities where they are located. Rowland recognizes that, unlike most indoor velodromes that have been built with public funds for specific competitions like the Olympics, WCL’s model needs to be based on sustainability through a well-designed, cost efficient building and ongoing programs that regularly draw paying spectators as well as the cycling crowd and new fans.
“Two hundred meter velodromes, multi-purpose adaptability, the right number of seats, state-of-the-art sound, lighting and scoreboards and WCL’s usage and global internet distribution plans are, in my opinion, the key ingredients to economic success and what any community would want,” said Rowland. “But the bottom line is always the bottom line and WCL’s TeamTrak model with defined teams, a defined season and exciting, livestreamed events is what anchors the facility and makes for a strong Pro Forma.”
But perhaps the most important challenge is securing the capital required to construct the building. The WCL has come up with a good quality but no frills building design that includes conventional walls, an air-supported dome roof, super-efficient HVAC system, 200 meter world class velodrome and permanent seating for 2,500, all for a cost of under $15 Million. And Rowland has developed a financing strategy utilizing New Market Tax Credits and other funding sources that can be utilized to develop the first two venues in the New Haven area and Southeastern PA/Delaware.
“We foresee a future of several indoor velodromes dotting the East Coast within the next five or six years,” says Mayer. “That means more riders, more WCL teams and a true league for new fans to follow.”
The World Cycling League debuted with a Premiere event at the VELO Sports Center in Carson, CA in March, 2016. While waiting for its own velodromes to be built, the WCL plans to launch its first full season of racing in October, 2017 at indoor velodromes in California and Mexico.