Troy Ballard, CEO of Ketchum-based event company 48 Straight, confirmed that Jeep, the title sponsor for its summer and winter mountain biking and skiing competitions, is looking to "rework and renegotiate" its sponsorship.
"I'm not surprised given the current state of the economy and challenging times in the auto industry," Ballard said.
Ballard said the two companies are in discussions for the upcoming winter, but that as of now, all of this winter's events are still on schedule.
However, with the first event taking place in Telluride, Colo., in mid-December, Ballard said a new deal needs to be figured out in the next two to three weeks.
In 2007, 48 Straight, originally known as The Ski Tour when it was founded by Ketchum residents Kipp Nelson and Steve Brown in 2006, merged with the Jeep King of the Mountain Series, founded in 1993.
Combined, the company has organized mountain bike races during the summer, including the season finale this weekend in San Luis Obispo, Calif., and ski and snowboard events in the winter.
There are three events planned for the upcoming winter, which, for the third year in a row, would take place at Telluride, Colo., Squaw Valley, Calif., and Sun Valley.
Ballard did not comment on how the events would be affected if Jeep pulled its sponsorship.
Chrysler, which owns Jeep and is, in turn, owned by the venture capital firm Cerberus Capital Management, has been in the news lately as part of a potential deal that would send the car manufacturer to General Motors.
Both companies have been hit hard by the downturn in the economy. Reuters reported last week that Chrysler, purchased in 2007 from Daimler AG for $7.4 billion, is now valued at less than $1 billion for its auto operations, which include the Dodge brand.
Carrie McElwee, a spokeswoman for Jeep, said the company has not pulled its sponsorship of the King of the Mountain events.
