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Saudi investment firm looking into a potential bid of €250 million to back the new cycling 'Super League'
CyclingSunday, 04 February 2024 at 12:37
An investment firm owned by Saudi Arabia's Public Investment Fund has emerged as a frontrunner to back a new cycling 'Super League', three people familiar with the matter told Reuters.
SRJ Sports Investments, founded last year, is in exclusive negotiations over a potential investment of around 250 million euro in the venture being spearheaded by a number of major European cycling teams, one of the people said.
The venture, which may amalgamate new and existing races, is being led by a handful of teams including Visma | Lease a Bike and billionaire businessman Jim Ratcliffe's Ineos Grenadiers, those sources said.
"This idea is being explored, as many more ideas are being explored to come up with a sustainable business model for cycling in the future," Visma-Lease a Bike told Reuters.
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