Further details of the One Cycling project have emerged, with a report in Het Laatste Nieuws in Belgium, saying that eight teams and race organiser Flanders Classics are involved but that the French WorldTour teams and Tour de France organiser ASO have opted out of becoming shareholders.
Cyclingnews understands that ten teams are needed for the One Cycling project to work, while multiple race organisers are needed to create a new race calendar that is somehow avoids clashing with the Grand Tours. The UCI would also have to approve any changes to the structure of the sport.
With the teams and organisers divided, it is unclear how the One Cycling project can develop and so try to shake-up professional cycling’s antiquated business model.
The Reuters news agency revealed at the weekend that SRJ Sports Investments has begun exclusive negotiations about a potential investment of around €250 million ($270 million). Reuters also said that a source “cautioned a deal may not be sealed and talks are ongoing.”
SRJ Sports Investments is owned by Saudi Arabia’s Public Investment Fund (PIF). The company suggested SRJ should be pronounced ‘Surge’ and was created last year to “invest in acquiring and creating new sports events IP (Intellectual Property), commercial rights of popular and prominent sports competitions and hosting major global events in Saudi Arabia.”
Sport is part of the Saudi Arabian government’s Vision 2030 economic diversification plan but critics have called the strategy a form of sports washing as Saudi Arabia looks to gloss over its human rights record.
Richard Plugge of Visma-Lease a Bike appeared to be the initial driving force before the idea of One Cycling. EF Education-Easypost, Lidl-Trek, Ineos Grenadiers, Bora-Hansgrohe and Soudal-QuickStep also seem to believe One Cycling can finally change professional cycling’s business model and reduce the dependency on sponsorship income.
HLN reported that Astana Qazaqstan, Movistar, Jayco-AlUla, dsm-firmenich PostNL and French WorldTour teams Groupama-FDJ, Arkea-B&B Hotels, Cofidis and Decathlon-AG2R are not interested in becoming stakeholders in the One Cycling project. However, HLN revealed that that Alpecin-Deceuninck and Intermarché-Wanty have attended meetings with SRJ Sports Investments and could also become shareholders. UAE Team Emirates is reportedly monitoring the development of the project.
The One Cycling project would start in 2026 after the current cycle of the UCI’s…
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