'It's going to be a pretty bold move' – Rapha announces expansive new Team USA sponsorship, as the company undergoes £102m write-down in value

A shot of a Rapha rider in the hills of LA.

Rapha has unveiled an optimistic vision of its future strategy as the company reveals a second successive year of operating losses. Following the news of the brand's split with EF Education–EasyPost, Rapha has announced an expansive partnership with USA Cycling for the 2028 Olympic Games in Los Angeles.

Rapha's 2024 results will soon be public, and reveal a turbulent picture for the company as operating losses sit at £17.2m, with an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation - which more accurately reflects a business's financial income in a year) loss of £2.6m.