A Boulder triathlon and bike shop owner says the business he spent years building was sold behind his back, and he is now asking a judge to put the brakes on the deal.
Michael Stone, who owns Colorado Multisport, claims the shop's name and trademark were swept into a sale last year without his consent. In a lawsuit, he is asking for the purchase to be unwound and is seeking money damages on top of that.
Stone filed suit last Monday in Boulder District Court against Russ Chandler, accusing him of theft, breach of contract, and related claims, according to BusinessDen. The complaint asks the court to void the sale to Mike's Bikes and to order Chandler to hand over any proceeds from the transaction.
The longtime storefront at 2355 30th St. now bears the Mike's Bikes branding. On its Boulder store page, the chain states that Full Cycle-Colorado Multisport is "now Mike's Bikes" and tells customers their credits and appointments will still be honored. The company also lists local hours and services on that same page.
How Stone Says the Sale Unfolded
According to the lawsuit, Stone bought Colorado Multisport in 2010. A decade later, in 2020, he and Chandler signed a nonbinding letter of intent that Stone says called for payments of $3,000 a month for three years, plus a 15% share of revenue above $50,000, as reported by BusinessDen.
The suit claims Chandler then told third parties that he owned Colorado Multisport and had the authority to sell it. Stone alleges Chandler later admitted in writing, "I did not have the right to sell." The combined Full Cycle-Colorado Multisport operation was ultimately sold in June 2025, a deal covered by Bicycle Retailer and Industry News.
Company Response
On its Boulder page, Mike's Bikes describes the change as a transition rather than a hard reset. The chain tells customers that the store's team is staying on and that existing credits will carry over, while the in-store café remains under review, according to the company's site. The message leans on continuity, complete with the reassurance, "Same face, different name."
Legal Angle
Stone is asking the court for rescission of the deal, along with damages based on theft and contract claims. If the court grants rescission, the name, trademark, and any sale proceeds could revert to him.
His filings list Eric R. Jonsen and Jeremy T. Jonsen of Michael Best & Friedrich as his attorneys. The complaint asks Boulder District Judge Michael Kotlarczyk to void the transfer.
