06 November 2023 , 11:22
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Sir Jim Ratcliffe’s proposal to buy 25 percent of Manchester United may still be awaiting approval but his INEOS cycling team is part of a group plotting a breakaway tour.
And insiders say there is a strong prospect that Saudi Arabia’s Public Investment Fund, the majority owners of Newcastle United, are in talks over backing the restructure financially.
Ineos are one of five teams part of the “One Cycling” group that is aiming to introduce a Champions League-style revamp that would completely alter the sport’s calendar. It comes amid increasing tensions with ASO, the organiser of the Tour de France, and concerns over the financial sustainability of teams.
Jumbo-Visma, who won all three of this season’s grand tours and dominated many of the one-day races, will see their sponsorship deal with the Dutch supermarket chain Jumbo end in the coming months and finding a replacement was so challenging that they explored the potential of merging with another team.
Ineos and Jumbo-Visma are joined by EF Education-EasyPost, Soudal-Quickstep and Lidl-Trek in backing the “One Cycling” plan and sources said they have held preliminary discussions with PIF with regards to funding. ASO are reportedly resistant to the changes but the French organisation already has a working relationship with PIF through the Dakar Rally.
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If the plan becomes reality it would see a new calendar in place for 2026. Teams would race fewer days across the year but with greater emphasis placed on other races aside from the Tour, which continues to dominate in terms of broadcasting rights.
Speaking to RadioCycling about the potential of a change, the Jumbo-Visma chief Richard Plugge said: “The world is changing around us and our competitors are not the other teams; our competitors are football, rugby, NFL, Formula One.
Sir Jim Ratcliffe at Old Trafford earlier this year (PA)"We need to make sure we are future-ready as a sport. We have to make sure that in five years’ time this sport is bigger than it is today. Everybody will benefit from that.”
Plugge, who has written a book about changing cycling’s calendar and what is needed to maximise revenue, added: “If we have a really strong league, with fewer races, really strong and understandable, then I think the value for everybody will go up,” he said.
PIF were previously linked with sponsoring the Jumbo-Visma team but Plugge played that down earlier this year.
Meanwhile, Ratcliffe is still waiting for United’s board to approve his £1.3bn offer to buy a quarter of United. It is expected to go through in the coming weeks and, once completed, the suggestion is INEOS will take over the club’s football operations, including recruitment.