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many race organisers have become too old to carry on, but not enough middle aged people have come forward to replace them.
This is certainly true. What are those middle aged people doing instead?
Mainly they are still riding, until they are older than in the past, some doing TTs but most are doing more of other types of cycling, from crits to ultras. TTs just have less of a share of the overall cycling scene than they used to.
Absolutely correct!
I feel part of the problem is that many race organisers have become too old to carry on, but not enough middle aged people have come forward to replace them.