11 of professional cycling's leading teams, including Team Ineos, CCC, Bora-Hansgrohe, Michelton-Scott, and Deceuninck Quick-Step are controlling members of the Velon group, a joint-venture company that aims "to drive a financial model that, in line with other international sports, ensures a sustainable future for the teams".
Former Sky Sports and Liverpool football club commercial director Graham Bartlett has been appointed at CEO of Velon.
Velon aims to create a more exciting, stable and credible sport. It is creating a "season long story' by changing the race calendar and structure of the teams so that professional cycling can be "better understood by a growing international fan base, with more entertaining racing for the fans".
Tejay van Garderen (Team CCC) said: "Velon is a great way for teams to help cycling fans get closer to the sport they love. It will lead to new technology and create even more exciting racing. Cycling has also needed a way for teams to work together, like they do in other mainstream sports. This is a tremendous first step."