It's criminal damage, no matter how you look at it.
In fact a prominent cafe owner on Marine Drive, the name of which will remain anonymous
agreed with me when I spoke to him today.
I would get the paint cleaned off, regardless of the cost, and send the bill to the Cycling club.
They can either pass it to the perpetrator, or pay at as an incidental cost of the event.
I object to CCBC footing the bill, or should I say I object to ME footing the bill.