Looming IOC election and RCS sitting on the fence - Why Saudi Arabia's massive One Cycling investment still hangs in the balance

Depending on who you speak to in professional cycling, the One Cycling reform project that aims to shake up and modernise the sport has either been signed-off and will be announced within two weeks, or is still up in the air and delayed even further as the UCI try to impose their political influence.

One person involved in the creation of One Cycling told Cyclingnews at Tirreno-Adriatico that an agreement in principle has been reached between a number of major teams and race organisers to form the management company and finally begin the work on the project.  

The Saudi Arabian SURJ Sports Investment fund, which is controlled by the Saudi PIF sovereign wealth fund, has also apparently confirmed their involvement and is widely expected to finance One Cycling via a €250 million investment.

SURJ CEO Danny Townsend is said to be keen to become a major power broker in professional cycling, even if some question his understanding of the sport and ability to eventually strike a deal with the UCI and Tour de France organisers ASO, who have always said they are against One Cycling and any threat to their dominant position in the sport.    

One Cycling business models have been created, covering revenue streams, projects and ambitions for five and even eight years, with a start in 2026 still possible despite looming deadlines to register WorldTour races on the calendar for next season.

Cyclingnews obtained a 150-page document last year that details One Cycling’s plans and ambitions. They include far more VIP hospitality areas at races and perhaps even charging fans to see races at specific locations along the route. Digital technology and modern marketing techniques would be harnessed to monetise event rights, digital platforms, betting, gamification, merchandising and fan membership.

Cyclingnews understands that the long-term goals for One Cycling could even include a salary cap and a kind of US sports 'draft system' for the best young rider and payments to development teams who discover and then pass on the best emerging talents.

The key shareholder teams and race organisers would work together and agree to send their best riders to races that are the One Cycling calendar. Journalist Chris Marshall-Bell wrote on Escape Collective that the 16-race series could include existing races in Africa and North and South America, with a season finale event in Saudi Arabia.

Founding teams such as Visma-Lease a Bike, EF Education-EasyPost, Lidl-Trek and Red Bull-Bora-Hansgrohe and major race organiser Flanders Classics are quietly convinced that One Cycling will happen soon or later and in time for the 2026 season. They hope the project can generate new revenue streams for teams and organisers alike.

They believed the same thing last spring and then last summer, only for One Cycling to hit the rocks and be delayed. Now they are convinced it is now a matter of when rather than if.  

With financing and business plans in place, the biggest obstacle now seems to be the UCI and President David Lappartient, as the Escape Collective also reported.    

Lapppartient has set out the UCI's so-called red line limitation and is trying to ensure that One Cycling is not a breakaway league of rebel teams and organisers but instead is incorporated into the current structure of professional racing, perhaps even with wider support of other stakeholders and even Tour de France organiser ASO.

However, the Frenchman is extremely busy with the International Olympic Committee presidential elections and that seems to have again delayed One Cycling's first official announcement.

The Lappartient element

One person involved in the One Cycling project told Cyclingnews that an initial announcement could be made in the next two weeks. That timeline would fit in with the IOC elections but seems optimistic. The IOC members will vote for the new president on March 20 via a secret and often Machiavellian ballot two days before this year's Milan-San Remo and the new Milan-San Remo Women.

Lappartient is one of seven candidates and in recent months he has travelled the world, combining official cycling trips with his election campaigning. Lappartient is not the favourite but is a dark horse, who could emerge in the vote that is akin to the Vatican conclave selecting a new Pope.

Whatever the result, the IOC election is a watershed moment for Lappartient's career and probably for pro cycling.

If he wins the vote, Lappartient would become the most powerful person in global sport and boost cycling's stance in the Olympics and the world. If he loses, the gloves are expected to come off and Lappartient will take full control of cycling, especially at professional level and so perhaps try to embrace One Cycling for his own benefit.

Lappartient now appears to have significant sway over the success of One Cycling. The UCI can either embrace it and help it develop, claiming responsibility for any growth in cycling's finances and prestige, or use their thick rule book and Swiss lawyers to throttle it at every turn, as ASO always appears keen to do with their rivals.

To work, One Cycling needs a number of initial shareholder teams and organisers. More than the minimum of ten teams have apparently now signed up, even if other key teams have opted out, especially in France. Flanders Classics are an important factor due to their growing portfolio of races and skill at monetising fans via hospitality and events.

Two influential players sitting on the One Cycling fence

Despite some optimism about the creation of One Cycling, two influential players are still sitting on the fence and seeing which way the wind will blow. Like the UCI, they could become decisive in One Cycling's success or ultimately lead to its failure.

Tadej Pogačar's UAE Team Emirates-XRG team have always refused to commit to the One Cycling project, opting not to comment when asked by Cyclingnews.

They have taken a neutral position, not coming out for or against the project, perhaps to protect their relationship with the UCI and ASO. They do not need the SURJ investment money to survive and so can wait and watch what happens. Just like it’s hard to see One Cycling taking over without the Tour de France, it’s equally difficult to see it fully succeeding without cycling’s biggest star, Pogačar.

Giro d'Italia organiser RCS Sport is also watching and waiting to understand what is in their best business interests.

RCS Sport have historically been bullied by ASO and overshadowed by the Tour de France but current owner Urban Cairo is an astute businessman who once did advertising deals for Silvio Berlusconi's television channels. Moreover, nobody understands the dark arts of professional cycling politics like his veteran race director Mauro Vegni.

Cyclingnews was recently told that Cairo and his team refused an offer to sell RCS Sport and the Giro d'Italia to Saudi investors last year, deeming the price simply too low. However, it seems possible that RCS Sport could welcome a minority investor to allow Cairo to monetize his sporting assets.  

RCS Sport is close to announcing a deal for PIF, or one of its many brands, to sponsor the Giro d'Italia leader's jersey. It will be PIF's and Saudi Arabia's first step into professional cycling, but is unlikely to be their last.

RCS Sport could be tempted to join One Cycling even if they remain under Italian control. Their portfolio of races, including the men's and women's Giro d'Italia, Strade Bianche, Milan-San Remo and Il Lombardia, would give the One Cycling project far more gravitas and far more opportunities.    

The immediate One Cycling timeline is at once simple and as hazardous as a Grand Tour mountain stage in the snow: first the IOC will elect a new president on March 20. Depending on whether David Lappartient wins or loses, the One Cycling project could then either accelerate quickly, or flounder yet again.