The rebuttal comes after many within the cycling fraternity viewed the offer made by the team's Russian owner Oleg Tinkov last week with bemusement.

The millionaire businessman, who bought the team from Danish former Tour de France winner Bjarne Riis last year, wants Great Britain's Chris Froome, Italian Vincenzo Nibali and Colombia's Nairo Quintana to challenge his lead man Alberto Contador of Spain in head-to-head battles at next year's Giro d'Italia, Tour de France and Vuelta a España.

It is highly unusual for riders with designs on winning one of the big three titles to compete in all three races in the same year due to the physical demands of each three-week event.

However, bosses at Tinkoff-Saxo are convinced the idea has merit and that it would generate huge interest not only among hardcore cycling fans, but also the wider sporting public.

"This isn't a joke or a publicity stunt," insisted Feltrin, who claimed bosses at rival teams including Team Sky's Sir Dave Brailsford and Movistar's Eusebio Unzué have said it is a "good idea" and "had a lot of merit".

"We are very serious about it and we feel it is a proposal that will help cycling move forward.

"We first approached the other teams during the recent Vuelta and we are encouraged by the recent positive reaction to our idea.

"We look forward to further discussing it with the key stakeholders.

"It might even be the biggest sports story next year and capture the attention of audiences that don't usually follow cycling."

Tinkoff-Saxo owner Oleg Tinkoff (left) and chief executive Stefano Feltrin claim the €1 million challenge will draw more fans to cycling next year ©Getty Images



The prize fund could be divided between the riders taking on all three races, or go to the man who does best across all three events.

Contador led Tinkoff-Saxo to success at the Vuelta last month to pick up his third Vuelta and sixth Grand Tour title overall