(Reuters) -The UCI opted not to include the One Cycling project when it launched its World Tour and Women's World Tour calendars for 2026 on Thursday, with the governing body saying it was incompatible with its regulatory framework.

The project, reportedly backed by an investment firm owned by Saudi Arabia's Public Investment Fund (PIF), aims to revolutionise cycling with the support of major teams and race organisers.

One Cycling wanted an overhaul of the calendar and the possible creation of new competitions to generate new sources of revenue.

"The project, which had been developed by certain teams and organisers in collaboration with a sports investment fund, was deemed incompatible with the governance and regulatory framework of the UCI as well as lacking sporting coherence," a UCI press release said.

The UCI said it welcomed the fact that cycling is attracting new investors and wished to continue discussions with the project's representatives.

There is one addition to the women's calendar with the Dwars door Vlaanderen on April 1, after the race had previously been run on the UCI ProSeries calendar, the second-tier tour.

In an effort to promote the continued development of women's cycling, the UCI Management Committee approved a 20% increase in the participation allowance paid by organisers of Women's World Tour events to participating teams.

(Reporting by Trevor Stynes; Editing by Ken Ferris)