Thursday, April 17, 2008

Trek severs business relationship with Lemond

"Trek Bicycle Corp. is dropping LeMond Bicycles from its line and going to court to sever a 13-year licensing agreement with three-time Tour de France champion Greg LeMond, Trek president John Burke told employees Tuesday morning."

Full story here

I think this is the funniest part of the story:

"Trek further alleged that LeMond took inappropriate advantage of his right to purchase bikes for personal use, the former Tour winner had "since 1999 ... made numerous purchases of LeMond bicycles at employee pricing from Trek with a suggested retail value of over $2,500,000. Upon information and belief, Greg LeMond has resold, bartered for value or otherwise distributed many or most of these bikes, harming Trek and its dealers."