Saudi Arabia’s Public Investment Fund (FIP) intends to invest a significant sum in a new cycling competition. According to Reuters sources, the potential injection of resources would be around 250 million Euros.
There were rumors that an investor from Saudi Arabia would be interested in investing in ONE Cycling, a new initiative that aims to make cycling more profitable by introducing, among other things, changes to the competition calendar.
Now, sources indicate that SRJ Sports Investments, which was created last year as a subsidiary of the FIP, is in talks with several European cycling teams, including Visma- Lease a Bike and INEOS Grenadiers.
Saudi investors lead the charge to reform cycling
According to Reuters, SRJ is expected to finalize the commercial side of the deal within two months. A source told the news agency that SRJ beat out several other investors, including CVC Capital Partners, in an auction.
The Amaury Sports Organization (ASO), which organizes the Tour de France, and RCS Sports, which organizes the Giro d’Italia, are reportedly not involved in the negotiations. It is not yet clear whether they will join the project.
The main objective of the ONE Cycling project is to make the sport more profitable and attract more investors and spectators. With the entry of large investors such as FIP, new opportunities may arise for teams, athletes and cycling fans themselves.
