Team Spidertech - the upstart professional continental team based out of Canada that had been making large strides towards becoming competitive in the highest level of racing - announced earlier today that it was suspending racing for 2013. The team's manager, former yellow jersey wearer Steve Bauer, denied the team was folding and said the decision was made in order to focus on securing sufficient corporate sponsorship to make a bid for a WorldTour license in 2014. This would guarantee the team full access to the biggest races on the calendar, including the five classics monuments and all three grand tours.
The effect the suspension of racing will have on riders with contracts to race in 2013 is unclear. The team had several notable riders on its roster, including the returning promising climber Lucas Euser and new signee Timothy Duggan, the United States national champion in the road race. The team's twitter says most riders have been placed on other teams for the upcoming year, including Duggan.
Though the timing of the announcement - right after the US Anti Doping Agency released its overview of its suspension of Lance Armstrong - may indicate trouble retaining sponsors wary of an investment in a troubled sport, the team asserts this is not the case.
NEW: Team manager Bauer has confirmed that the team is honoring all financial agreements with riders who had contracts or verbal agreements with the team, which should make it much easier to help place riders at other teams.
Full press release is available here.