The International Cycling Championship race is back. Wachovia Bank pulled its sponsorship of the event last fall. But city and state officials have announced a financial commitment to make it happen.

 

Pennsylvania Governor Ed Rendell has come up with sponsors and money to insure that the International Bike race in Philadelphia will continue, with an injection of 400-thousand dollars in state money.

Dave Chauner created the race with two other men 21 years ago, and says this helps provide stability:

 

"The governor and the mayor have both pledged support for the event so that we have enough to run the race this year, and build a foundation for the future."

 

Chauner says now, the championship is part of Philadelphia's traditions:

 

"Very few cities in the country can point to a major cycling event as an attraction and it draws people from all over the United States and the world and it's just become a fixture here in Philadelphia, and the recognition that brings 15-to-20-million dollars a year benefit to the local economy were reasons that the city and state felt it was crucial to continue."