LONDON (Reuters) – A few major European cycling teams are considering the creation of a new competitive league that could potentially reshape the sport’s landscape and provide increased funding for participants, as reported by three anonymous sources to Reuters.
According to two of the sources, external investors may be approached to provide funding for the project. The initiative could potentially combine both new and existing races, revealed one of the insiders.
The discussions are in early stages, with approximately five teams, including Ineos Grenadiers, currently involved. However, additional teams could join as the talks progress. Jumbo-Visma, the team of Tour de France champion Jonas Vingegaard, is also participating in the discussions, as mentioned by one of the sources.
Both Ineos Grenadiers and Jumbo-Visma declined to comment on the matter.
Professional services firm EY, one of the “Big Four” accounting and consulting companies, is seeking expressions of interest from potential investors for the project. The company has set a deadline for indications of interest this week, stated two of the sources. EY, however, declined to provide any comments.
The duration of the discussions has not been confirmed. Moreover, one of the insiders stated that an agreement is not imminent, and the deal may not proceed at all.
According to two of the sources, CVC Partners, the former owner of Formula One motor racing, is among those expressing interest in the project. However, a spokesperson for CVC declined to make any comments.
The primary objective of the project is to allocate a portion of the profits from cycling events among the teams. Currently, these teams rely heavily on external sponsorships for funding, which the project aims to address, stated the sources.
Concerns have been raised by teams that the majority of the profits from key cycling races, such as the Tour de France, La Vuelta, and the Giro d’Italia, are captured by their organizers. Amaury Sports Organisation (ASO) controls the Tour de France and La Vuelta, while RCS Sports oversees the Giro d’Italia.
If successful, this deal would follow the pattern seen in other global sports like golf and tennis, where new capital from investors has led to the emergence of players and clubs that rival long-established events.
Notably, this is not the first time cycling teams have explored the possibility of a new cycling league project. In 2012, eight teams initiated a league project called World Series Cycling (WSC), but it never came to fruition.
(Reporting by Amy-Jo Crowley, Anousha Sakoui, and Julien Pretot; Additional reporting by Andres Gonzalez; Editing by Elisa Martinuzzi and Hugh Lawson)
