Foffa Bikes

am I right in assuming that the original article was published by Tyson Sadlo and Dani Foffa or under their specific instruction with their full editorial direction and control?

Yes

Am I wrong to assume that this is wholeheartedly against the principles of Wikimedia/Wikipedia?

I don't think it's prohibited for the subject of an article to prompt its creation, but they have to butt out after that.