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@itsbruce
The easy rides tend to generate trivial amounts of money per cyclist and I often think they'd do better to just make that small donation themselves, quietly. This one is a much more serious effort, but consider the amount of time and effort each person will put in, not just on the ride but in training and other preparation. Now, how much more would it be worth to a charity if they just gave that time and effort directly, as volunteers?
The charity is going to get some useful publicity out of it - and that is the main benefit, as the money raised on this kind of effort is not usually that impressive once the organising costs have come out (I worked in the voluntary sector for 10 years and have seen this close up).
I generally see the participants in these rides as people who've found an excuse to tart up a fun challenge as a virtuous act.
Personally, I never sponsor. I give directly to certain causes and that's it.