Cyclingnews.com carries the following statement from Schroeder Iron team owner Frank Schroeder, issued on Sunday September 21st:
No 2004 for Schroeder Iron
"After careful consideration, I have decided to end my association with pro cycling with the close of this 2003 season. The stresses to my business and to my family have been too great this year and it would not be wise for me to stay involved for 2004 and beyond," says team owner Frank Schroeder.
The speculation that the Schroeder Iron team would not continue has been the subject of many rumors as of late. The program, which was started in 2001 in Southern California [and] was formed with the idea of improving the sponsorship and organization of cycling for the cyclist and equipment sponsor will come to end this month....With the sluggish economy, it has become more of an effort to keep the team going than originally planned. "I have had the distinct pleasure of dealing with some of the best sponsors in the business and I wish them well in their endeavors for the coming years" continues Frank Schroeder, "We spent time looking for a major title sponsor to take over the turn key team to no avail and there is no way I could possibly float the team for another year. Both emotionally and monetarily."
"My main goal is to make sure all the riders receive their due for the season and to carefully liquidate the team assets so that I might be able to get back to a somewhat normal life and to continue to oversee the success of Schroeder Iron Corporation and my family."