THEMOVE+ Podcast Summary

Visma's €6M Loss, Remco's Flanders Rumors & Bad Bikes | THEMOVE+

Date: November 28, 2025
Host: Spencer Martin (Guest Host)
Guest: Johan Bruyneel

Main Theme & Purpose

This quiet holiday-week episode dives deep into the financial challenges facing top cycling teams—especially Visma-Lease a Bike’s recently reported €6.1 million loss. Spencer Martin and Johan Bruyneel analyze what’s behind the ballooning budgets, ponder the real state of WorldTour team finances, evaluate rumors surrounding top riders’ race schedules (notably Remco Evenepoel and the Tour of Flanders), and offer insight into bike sponsorship shifts and the reality of equipment advantages in modern cycling.

Episode Breakdown

1. Visma’s €6M Loss—Big Budgets, Bigger Problems

• Discussion of Leaked Visma-Lease a Bike Financials ([02:20]–[10:00])

  • Reported figures: 2024 operating revenue of €52 million but a €6.1 million loss (mostly covered by wealthy backer Robert van de Wallen).
  • “Is €52 million high by cycling standards?”
    Johan: “It’s a lot higher than expected. I didn’t think Visma was on that number.” ([04:09])
  • Comparison to UAE Team Emirates (“unlimited” budget, likely over €60 million), INEOS (reportedly ~€50 million), and others.
  • Analysis of why most cycling teams, historically and presently, run at a loss.

• On Making a Profit in Pro Cycling

  • Johan explains it’s common for cycling teams to run nearly at break-even or negative, even for winning teams:

  “It’s extremely difficult to make money with a cycling team… money comes in, money goes out, that’s it.” – Johan ([04:53])

  • Mentions Sudal Quick-Step as one recent exception, partly due to rider transfers/sales (e.g., Evenepoel).
  • Insight into saving for future signings/expenses versus actual profits.

• Where Does the Money Go?

  • Huge expenditure on staff: Visma cited as having 178 staff members ([10:05])
  • Infrastructure and advanced support staff add significant costs.

  • “Their service course... is probably one of the best, most beautiful, best organized infrastructures.” – Johan ([10:39])

• Market Pressure & Team Ownership

  • The necessity of wealthy backers to compete at WorldTour level.
  • “Very few teams are independently owned now... Decathlon’s owned by Decathlon, INEOS by INEOS, UAE by [Mauro Gianetti’s company]...” – Spencer ([16:03])
  • Historical recount of how Richard Plugge (originally a press officer) took over the Rabobank team during a sponsor crisis and navigated its progression into the present Visma structure.

2. The Business of Professional Racing Events ([17:00]–[19:30])

• Tour Organizer Profits
  • ASO (Amaury Sport Organisation) makes record profits: €111 million on €377m revenue (almost 33% profit margin).
  • Reluctance of ASO to share these profits with the teams/riders.

  “As soon as you start [talking about] sharing the TV rights, it’s game over. The meeting is finished.” – Johan ([17:29])

• Why Revenue Sharing Doesn’t Happen
  • Lack of viable competing races; Tour de France’s dominance and unique prestige.
  • “In cycling, it’s… only in our sport where the actors [teams/riders] get so little.” – Johan ([18:39])

3. Bike Sponsor Madness & Are There Still Bad Bikes? ([23:25]–[29:32])

• NSN Cycling switches to Scott
  • Israel Premier Tech rebranded as NSN Cycling, switches from Factor to Scott bikes under hurried circumstances ([23:25])
  • Old sponsor (Factor) wanted to renegotiate; owner Sylvan Adams opted to jump ship and pay extra himself.
  • Legal consequences remain unclear, but great deal for Scott.
• Quality of Modern Bikes
  • “Are there still bad bikes?”
    Consensus: The difference between WorldTour-level frames is now minimal.
  • Unique positions, frame histories, and whether aerodynamics, weight, or stiffness still make meaningful differences.

  “If you look at the bikes that the top riders are riding… I don’t think any of these bikes will make you win or lose.” – Johan ([28:30])

  • Discussion of recent aero frame trends and how they affect equipment parity.

4. Remco Evenepoel’s Rumored Flanders Start ([30:21]–[34:44])

• Belgian Rumor: Remco to Race Tour of Flanders in 2026
  • Johan’s strong skepticism:

    “Remco is not Pogacar… Flanders is such a special race. I don’t see it as a benefit. There’s a lot of risk involved.” ([31:08])

  • Highlights Remco’s history of bad luck and repeated comebacks from crashes:

    “He doesn’t need another one of those. And putting him in [Tour of] Flanders… If this is confirmed, I think it’s a bad idea.” – Johan ([33:02])

  • Acknowledgement that until recently, Grand Tour contenders rarely targeted cobbled Classics.

5. Modern Training: When Do Pros Actually Rest? ([39:25]–[45:30])

• Observations on Early Season Form:
  • Riders achieve peak condition much earlier, stay race-fit almost year-round.

  • “The norm right now is to be just always in really good shape and then peak for an extra 2%.” – Johan ([40:23])

• Rest and Burnout
  • Rest is now viewed as more for mental reset than physical, as even two weeks off is unusual.
  • Old concepts of “building slowly” and long winter downtime are obsolete among top pros.

  • “You don’t have to do the long climbs until later in the year, but it seems like that’s going away, Johan.” – Spencer ([39:25])

• Race Calendars Shrinking
  • Fewer race days (many riders only 40–60/year).
  • No more “using races just to ride into shape.”

6. Chris Froome & The End of an Era ([46:49]–[51:26])

• Froome’s Non-Retirement
  • Why hasn’t Chris Froome announced retirement after years of declining results?

  “I don’t know. I think the answer is he just loves to ride his bike… but for Chris, it’s time to retire.” – Johan ([47:21])

  • Contrast with other recent champions who made clean stops (e.g., Tom Dumoulin, Miguel Indurain):

  “When there’s no retirement… you can’t totally celebrate that achievement.” – Spencer ([49:20])

• Tribute to Froome’s Legacy
  • “No matter what Chris Froome does, we have to acknowledge his legacy… he was the best Grand Tour rider in the peloton.” – Johan ([50:11])

7. Career Closures: Rui Costa & Esteban Chaves ([50:48]–[51:19])

• Both recently retired while riding for EF, with comments on the struggles of aging athletes—not just slowing down, but losing the ability to train consistently due to injuries.

8. Listener Q&A and Lightning Round ([37:58]–[55:44])

• Eddy Merckx’s Milan–San Remo Wins ([38:20])
  • Johan: “Seven times—it’s mind-blowing… he wasn’t a typical sprinter but was so dominant.”
• Remco’s Ideal Schedule for 2026 ([52:00])
  • Johan’s advice:
    • Focus on short stage races (e.g. Tour de Suisse, Dauphiné, Romandie, Basque Country).
    • “Get rid of the obsession of the Tour [de France]… he performs better when expectations are lower.” ([53:42])
    • Try for success at the Vuelta or Giro if not targeting Le Tour.

Notable Quotes & Memorable Moments

• On Financial Vicious Cycles in Cycling Teams:

  • “It’s a vicious circle.” – Johan ([08:33])
  • “I’ve heard it described as prune juice… what happens when you drink prune juice? It just goes right out the other end.” – Spencer ([08:35])

• On Staff Numbers and Infrastructure:

  • “Their headquarters, their service course—it is unbelievable.” – Johan ([10:39])

• On ASO’s Reluctance to Revenue Share:

  • “As soon as you start sharing the TV rights, it’s game over, the meeting is finished.” – Johan ([17:29])

• On Tour de France Prestige:

  • “The Tour de France is… the prestige event.” – Johan ([19:26])
  • “If you’re world champion and you win the Tour de France one year, it’s not even close.” – Johan ([19:58])

• On the Real Value of Modern Bikes:

  • “It’s two triangles that hold components together—it’s stiffness, geometry, and aerodynamics… I don’t think any of these bikes makes you win or lose.” – Johan ([27:17], [28:30])

• On Remco Racing Flanders:

  • “Remco is not Pogacar… Flanders is such a special race… I would strongly advise against it because it’s not worth the risk.” – Johan ([31:08], [32:53])

• On Modern Training Realities:

  • “The norm is to always be in really good shape…” – Johan ([40:23])

• On Chris Froome’s Legacy:

  • “No matter what Chris Froome does, we have to acknowledge his legacy… What he did was amazing.” – Johan ([50:11])

Timestamps for Key Segments

| Topic | Timestamps | |---------------------------------------------------|---------------| | Visma-Lease a Bike Financial Loss Discussion | 02:20–16:03 | | Team Ownership & Business Models | 16:03–17:12 | | ASO, Revenue Sharing & Tour Prestige | 17:09–19:58 | | NSN Cycling Bike Sponsor Switch | 23:25–27:14 | | Are There Still Bad Bikes? | 27:10–29:32 | | Remco and Flanders Rumors | 30:21–34:44 | | Modern Training & Race Schedules | 39:25–45:58 | | Chris Froome and Retirement Debates | 46:49–51:26 | | Listener Q: Merckx’s San Remo Wins | 38:20–39:10 | | Remco’s Ideal Program | 52:00–55:44 |

Tone & Language

Insightful yet accessible, with candid, sometimes irreverent business talk and practical, experience-driven takes on the modern pro peloton. Johan brings the veteran’s realism; Spencer balances with informed research and listener focus.

For Listeners Who Haven’t Tuned In

This THEMOVE+ episode is a thorough, behind-the-scenes look at why even the world’s best pro cycling teams run deficits, how billionaire backers and business structures shape today’s peloton, and why team budgets and success are more complex than they seem. You'll also get a veteran’s take on hot race rumors, why equipment matters (or doesn’t), and how the modern training calendar (and big names) have changed for good—plus a heap of practical wisdom from one of the sport’s most experienced insiders.