Malcolm Speed appointed Cycling Australia president; new board and $2 million loan also revealed
Cycling Australia has announced the appointment of a new board with long-time sporting administrator and former International Cricket Council CEO Malcolm Speed as president (second from the right in the image above).
The new board, which was ratified at a Cycling Australia (CA) meeting last night, will swear in Speed as president when it meets for the first time later this week.
The election of the new board and president coincides with the announcement of a $2 million loan to Cycling Australia, to help stabilise the ailing national body. Cycling Australia has been in significant financial difficulty for several years and the loan will reportedly be used to protect the country’s high performance program while ongoing governance reforms take place.
The $2 million comprises $1.5 million from the Australian Sports Commission (ASC), while Cycling Australia’s member states and Mountain Bike Australia will collectively provide the remaining $500,000.
ASC Chair John Wylie AM said via a press release that the ASC undertook a “rigorous financial analysis” of Cycling Australia before deciding to provide a loan.
“After much consideration, the ASC determined that the most effective way of protecting the sport’s strongest assets – its high performance athletes and mass public appeal – was to grant the existing organisation a loan on the condition it continues its reform agenda”, Mr Wylie said via a Cycling Australia press release.
The interest-bearing loan comes with a number of conditions, including “ongoing financial oversight of the high performance program by the AIS” and a “complete governance overhaul”.
Since November 2013, Cycling Australia has been led by president Gerry Ryan, owner of caravan brand Jayco and GreenEdge Cycling (among other businesses) and a long-time investor in Australian cycling. A key role for Ryan throughout his tenure as CA president — alongside interim CEO Adrian Anderson who served from November 2013 to May 2014 — has been driving much-needed governance reforms for the organisation.
“Since I took over as president late last year a number of significant changes have taken place including a review of the sport’s business which identified potential savings within the organisation, renegotiating a new broadcast deal and developing a commercial plan to attract new partners,” Ryan said via a press release.
“We have also made necessary governance reform including the move to a company limited by guarantee and made constitutional changes which align to the ASC’s mandatory governance principles.”
ASC Chief Executive Simon Hollingsworth thanked Gerry Ryan for his long-term support of cycling in Australia as well as stepping into the role of overseeing the caretaker board.
“Gerry’s support for cycling and passion to see it succeed is phenomenal and the work he has done since stepping into the role of short-term president has been fantastic,” he said.
“That work has included developing a business plan which outlines how the organisation will address its financial issues and demonstrate a capacity to repay loans to the ASC and state member bodies.
“Given the significant recent progress made towards getting CA back on track, it was considered important to provide it with this vital financial support while it completes its reforms.”
The new Cycling Australia board is as follows:
- Malcolm Speed (President-elect): former CEO of Cricket Australia and the International Cricket Council
- David Ansell: Senior sales and marketing executive at Coca-Cola, PepsiCo, and Foxtel
- Matt Dever: Managing Director at Emit Capital
- Linda Evans: Partner at Clayton Utz specialising in antitrust law and mergers
- Leeanne Grantham: Former elite basketballer and CEO of the WNBL
- Anthony Griffin: CEO at Saxo Capital Markets and current director of Amy Gillett Foundation
- Justin Quill: Partner at Kelly Hazell Quill and former Partner at Corrs Chambers Westgarth
- Gerry Ryan (Appointed Director)