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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. 33-16807) pertaining to the 1996 Stock Option Plan and
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 11, 1997, 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 28, 1997.
 
                                          /s/  ERNST & YOUNG LLP
 
Stamford, Connecticut
September 22, 1997