Details of the One Cycling reform project remain scarce and the teams and race organisers involved are secretive about their ambitions but Cyclingnews understands that several WorldTour teams have pulled out of the project, convinced the numbers simply do not add up.
According to reports in early February, sports investor company SRJ Sports Investments, controlled by Saudi Arabia’s Public Investment Fund (PIF) has emerged as a frontrunner to back the project and was ready to invest €250 million ($270 million).
A presentation and meetings were held in London, as the consulting firm EY pushed to finalise a deal and earn a significant fee. However, One Cycling is struggling to secure the minimum of ten teams needed as initial shareholders for the project to begin, with only eight teams said to have signed up after the London meeting with SRJ Sports Investments.
Visma-Lease a Bike, EF Education-EasyPost, Soudal Quick-Step, Ineos-Grenadiers, Lidl-Trek and Bora-Hansgrohe have long been part of the project, with Bahrain Victorious and another said to have joined them. Intermarché-Wanty have been listed as one of the teams involved but refused to comment when contacted by Cyclingnews.
The One Cycling project appears to have little consideration for women’s racing despite some of the teams also having a women’s team alongside their men’s squad.
Several others signed initial non-disclosure agreements to see One Cycling’s plans but quickly walked away, convinced the numbers do not add up. Now French newspaper L’Equipe, (like the Tour de France, controlled by the Amaury family) have revealed why some teams have doubts about the success of One Cycling.
L’Equipe suggested that several team managers were asked to “sign a commitment letter as a blank cheque, without telling them what this signature covered.”
Other teams reportedly backed out after SRJ Sports Investments requested a €100 million return on their investment in the first year, with the teams obliged to make up for any shortfall. With teams usually spending 100% of their annual budget on rider salaries and costs, it would be unclear how they could cover any deficit.
L’Equipe suggested the deal with SRJ Sports Investments for the €250 million investment would be based on the teams ceding future image rights contracts but that was also given a lukewarm welcome. There was no information on how the One Cycling project would otherwise raise revenues. There have been suggestions that new races could be…
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