According to Reuters news agency, five prominent cycling teams are in negotiations to launch an alternative cycling competition. The report states that teams like INEOS and Jumbo-Visma, among others, are joining forces with the aim of reducing the influence of ASO and increasing the distribution of financial resources to teams.
Prominent European cycling teams have reportedly discussed the possibility of establishing a new competitive league, which could bring significant changes to the sports landscape and ensure greater allocation of resources for participants, according to information from three sources knowledgeable about the matter, as cited by Reuters.
Two of the sources mentioned that external investors may be considering funding options for the project, although they have chosen to remain anonymous due to the confidential nature of the investigation. One of the sources indicated that this endeavor could encompass both existing races and new events.
Accounting and consulting firms would seek investors
Approximately five cycling teams across Europe, including Ineos Grenadiers, are currently involved in preliminary discussions, and there is the possibility of more teams joining, as reported by the sources. Additionally, it was revealed that the Jumbo-Visma team is also participating in these negotiations, as highlighted by one of the informants.
So far, representatives from the Ineos Grenadiers and Jumbo-Visma teams have chosen not to comment on this matter.
Furthermore, it was reported that the renowned Big Four accounting firms and consulting firm EY are seeking potential investors for the project and have set a deadline for expressions of interest later this week, as reported by two sources. A spokesperson for EY chose not to comment on the situation.
he former owner of Formula 1 is said to have shown interest.
Among those who have expressed interest is CVC Partners, the former owner of Formula 1, according to two sources. A spokesperson for CVC declined to comment
Any agreement would follow a trend seen in other sports, such as golf and tennis, where investors injected new capital and attracted players and clubs to compete with the older, established events.
This isn’t the first time cycling teams have explored a new cycling league project. Eight teams founded a league project called World Series Cycling (WSC) at the end of 2012, but the plans did not materialize