Sinyard sent the message to partners and clients of the company in a letter that noted the lack of diversity in cycling.
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He wrote in the letter that: "This is not a normal year. Since mid-March, you and your families have had your routines, social lives, and activities completely disrupted, with no certainty of what normal will look like into the future.
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"While we push hard towards the future, I want to acknowledge that this moment is especially hard. In this time, the bicycle, and the work that each of you do to change lives through cycling is more critical than ever.
"As I reflect on the current protest movement, I recognize that cycling, which can have such a positive impact on people’s lives, also has a problem with race, and Specialized has contributed to that problem. But I truly believe that in moments of crisis, we have the greatest opportunity for making a change, and a difference."
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Specialized Bike's foundation, called Outride, was formed in 2015 with the aim of targeting young people. Sinyard announced he would donate $10 million dollars further to the organisation over the next three years.
"We have been doing this work in our own way through Outride, breaking down barriers so that all kids have safe access to bicycles and places to ride, and in doing so, changing the face of cycling forever. But it’s is not enough - we need to go further, and faster," Sinyard explained.
"We so believe in the transformative power of the bike to empower the next generation of riders that together with Outride, I am committing $10 million over the next 3 years to accelerate the great work that the organization is doing to bring school and youth development programs and safe places to ride, with an increased focus on underrepresented and under-served communities.
"We have delivered additional funding separate from our sponsorship to the Legion of Los Angeles Elite Cycling Team based in the USA to further their work of increasing diversity and encouraging inclusion in cycling – we believe in this work and mission and are giving the team complete discretion on how to direct these funds to continue their work.
"Now is a time for all of us to talk less and listen more. Discrimination and prejudice of any kind have no place on our team or within our community of riders.
"As our sport and community grows, the faces, ideas, and perspectives of the people you’ll be riding with will look different than what we are used to today. Let’s listen to each other, learn from each other, share the trail and the road with each other, fight for each other.
"We believe that cycling changes lives, and that together we can pedal the planet forward."
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