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                                                                      EXHIBIT 23
 
                        CONSENT OF INDEPENDENT AUDITORS
 
     We consent to the incorporation by reference in the Registration Statement
(Form S-8 No. 33-80073) pertaining to the 1995 Stock Option Plan and
Registration Statement (Form S-8 No. 33-87328) pertaining to the 1994 Stock
Option Plan and the 1994 Management Stock Option Plan of Cannondale Corporation
of our reports dated August 9, 1996, with respect to the consolidated financial
statements and schedule of Cannondale Corporation included in the Annual Report
(Form 10-K) for the year ended June 29, 1996.
 
                                          /s/ ERNST & YOUNG LLP
 
STAMFORD, CONNECTICUT
SEPTEMBER 25, 1996