The group behind the much talked-about “breakaway league” plans to offer a stake in its World Series Cycling to the UCI, according to a report from Bloomberg.com.
Bloomberg reported Monday that Gifted Group, Inc., the organization that is said to be putting together the series of four-day stage races aimed at attracting the world’s top teams, is working on a plan to vest the sport’s governing body. Organizers are modeling the new series after the mainstream American sports leagues, offering revenue sharing to teams.
Daniel Malbranque, a consultant to the UCI and former general secretary of the Cyclistes Professionels Associes, told Bloomberg that the “UCI doesn’t want to get involved in something unless they are absolutely sure it will be a success.”
UCI president Pat McQuaid rejected the notion of the new league earlier this year. Gifted Group did not offer the governing body a stake in an earlier proposal.
According to Bloomberg, Gifted Group has raised $25.9 million from investors and under the initial plan would share 64 percent of sales with teams, with investors earning 26 percent and Gifted Group 10 percent. The stake offered to the UCI under a new proposal is undisclosed. Bloomberg also reported that the series had signed a television partner for broadcast rights.
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