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Organisers of the event released a statement saying ""We extend our deepest sympathies and thoughts to the family of the deceased and those close to them.
"Early information suggests a medical event involving a single rider. Lake Taupō Cycle Challenge management and trustees have engaged with, and are co-operating fully with NZ Police and other authorities."
The spokesperson told Stuff immediate family had been notified by the police.
"With respect to friends and family we are not in a position to advise any further specifics relating to the rider involved at this time, but would like to thank fellow riders with medical experience for their assistance at the scene."
A cyclist was also involved in a collision with a car in Taupō, though police could not confirm if the cyclist was also part of the Lake Taupō Cycle Challenge event being run today.