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Interesting. Not sure about the US (I'll take earlier comments at face value which indicate a similar situation), and putting aside the merits or otherwise of competing under the local and world governing body, but this would be illegal under Australian law as it would constitute a restraint of trade for the competitors concerned. This has been tested in a similar situation in a motor sport environment many moons ago. Free advice to the UCI/Cycling Australia - I wouldn't try that in Oz.