Pro cycling teams explore new league with venture capitalists

A group of five leading WorldTour teams, including Ineos Grenadiers and Jumbo-Visma, are reportedly working on a secret plan to create a new competitive league in pro cycling with the help of venture capitalists. The project aims to generate more revenue for the teams and make them less dependent on sponsorship.

According to Reuters, the accounting and consulting firm EY is seeking expressions of interest from potential investors for the project and has set a deadline for indications this week. The venture could involve new and existing races to create a new source of income for the teams, who would hope to race in their new series and also in the Tour de France and other major events.

However, the plan could face opposition from the UCI, the world governing body of cycling, and the organizers of the biggest races, such as ASO, RCS Sports, and Flanders Classics. The UCI currently owns the WorldTour, the highest level of professional cycling, which includes 38 events in 2023.

The teams involved in the project have not confirmed their participation publicly, but Jumbo-Visma team manager Richard Plugge issued a short statement to Cyclingnews: “It’s obvious that cycling is a sleeping giant and deserves an improved business model. For all stakeholders, but especially for the (WorldTour) teams. The only way to get there, is by cooperation.”

The idea of creating a new league in pro cycling is not new. In 2016, Velon, a joint venture of 11 WorldTour teams, announced the launch of the Hammer Series, a new format of racing that aimed to attract more fans and sponsors. However, the series was suspended in 2020 due to the COVID-19 pandemic and has not resumed since.

The news of the secret plan comes at a time when pro cycling is facing uncertainty and challenges due to the pandemic, climate change, and doping scandals. The sport is also looking for ways to increase its popularity and diversity, especially among women and young riders.