They gathered outside an Arizona resort in skin-tight clothing and aerodynamic helmets, standing astride pro-quality racing bikes. They could have been mistaken for local cycling fanatics preparing for a Saturday spin.

What they were, however, was a cadre of elite businessmen who had supercharged American cycling with cash infusions, helping to turn Lance Armstrong and a handful of other American riders into stars. The February 2003 gathering was their chance to enjoy the dividends:...