Updated: August 16, 2010, 4:52 PM ET

Maloof Money Cup offering $1 million

ESPN Action Sports

Ben KarpinskiCole at Maloof Money Cup 2010.

Maloof Money Cup owner Joe Maloof is offering a $1 million bonus to any skateboarder who can win four consecutive Money Cups. The third Maloof Money Cup wrapped on August 8 in Orange County, Calif. with Chris Cole taking his third win in a row.

Cole, who has won $300,000 in Maloof prizes, has signed on with Rob Dyrek's exclusive Street League, which will not allow him to compete in a fourth Maloof Money Cup.

"It's crazy. I'm just so curious--is that a singular ploy to get Chris Cole?" Dydrek said in an official release.

Maloof explained that the idea behind the bonus is to keep the momentum of the contest going. He's welcomed Cole to the competition with open arms.

"I don't know how everyone will react to it, but I believe it's one of the biggest opportunities in skateboarding history," Maloof said. "If he decides not to skate, OK, no problem, someone will start a new streak. Basically, somebody's going to win it."

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