In an email to pro athletes this morning, Rev3 owner Charlie Patten announced that the series will discontinue their professional prize purse after the May 18 race in Knoxville, Tenn.
“I am incredibly sorry that this is being announced so late which wasn’t my intention. I know a lot of you have planned your schedules around our races and have become loyal customers of ours. You have helped build our brand and I appreciate that more than you know. For some of you, Rev3 is an important part of your earning potential so I know this will be tough news to swallow.”
Patten said the series has given out more than $2 million to pro athletes in the last five years—not on account of charity but as a marketing investment—and they haven’t seen the return on investment they had hoped for. He promised that the series is not going away; they’re shifting their marketing focus to be more on age-groupers.
We’ve reached out to Rev3 for further comment and will update as we know more.