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Report: UCI offered stake in breakaway league

By:
Cycling News
Published:
October 01, 2012, 12:28 BST,
Updated:
October 01, 2012, 13:34 BST
Edition:
Second Edition Cycling News, Monday, October 1, 2012
Garmin manager Jonathan Vaughters

Garmin manager Jonathan Vaughters

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Bloomberg suggests marketing company to share new race series revenue

The UCI has reportedly been offered a stake in the muted breakaway league project, as a way of convincing the international governing body to allow the race series to go ahead.

According to a report by the Bloomberg news agency, citing two people familiar with the situation, the UCI has been approached with an offer of equity.

Sport marketing company Gifted Group Ltd has reportedly raised 20 million Euro to fund the project and captured support from a number of the major professional teams that are part of the UCI's WorldTour series by offering them a share in television revenue. According to Bloomberg, an original plan meant the teams involved would share 64 percent of sales, with investors taking 26 percent and the Gifted Group 10 percent. It is not clear how much the UCI may be offered and how this would affect other partners.

The report claims that the Gifted Group has already struck a deal for television coverage, with projected earning of 39 million Euro in 2017.

The UCI has created its own race organising company, Global Cycling Promotion SA, to run the Tour of Beijing and President Pat McQuaid has always rubbished reports of a breakaway league. However, Garmin-Sharp team manager and head of the AIGCP team's association Jonathan Vaughters believes teams should get a share in television revenue to help them survive loss of sponsorship.

Bloomberg said the UCI had no comment to make on the latest revelations and Gifted Group Chairman Jonathan Price was also not able to comment.
 

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