Bernard Hinault is involved in a plan to save Mavic.
The iconic wheel brand was placed into receivership earlier this year and a buyer is needed to secure its future.
Mavic has had a longstanding relationship with the Tour de France lasting 40 years, offering neutral service to riders from the famous yellow support vehicles.
Hinault, five-time winner of the Tour de France, is one member of a group offering financial support to Mavic, French newspaper L’Equipe reports.
Hinault said: "It is a brand that has accompanied me all my career. Mavic is inseparable from cycling. They were always at the service of the riders in trouble, and now it's my turn to put myself at the service of Mavic's men and women.”
The French cycling legend is working with Ronan Le Moal, the former CEO of the Arkéa banking group who was also closely linked with the Arkéa-Samsic cycling team, and attorney Didier Poulmaire.
The takeover filed has been submitted according to the reports, with Hinault a consultant on the rescue plan.
Mavic employs around 250 people and the 1889 founded brand is responsible for the likes of the market leading Aksium and Ksyrium wheelsets, as well as manufacturing equipment like shoes and clothing.
So far 2020 has been rough on the cycling industry – earlier this year Halfords announced it would be closing its high street bike shop chain Cycle Republic and the Boardman Performance Centre to free up money and focus on the motoring aspect of the business.
Halfords did find a buyer for 11 Cycle Republic stores, as electric scooter retailer Pure Electric will take over half of the branches, saving 85 jobs.
At WorldTour level, CCC Team is on the hunt for a new sponsor after their main sponsor, Polish handbag company CCC, announced it would be pulling out at the end of the season.
>>> Garmin Edge 1030 Plus and 130 Plus models launched
The loss of sponsor has left team boss Jim Ochowicz trying to fill the void, while star rider Greg Van Avermaet is considering a transfer.
The Rugby Flyer flies again: the story of the first sub-hour '25' time trial
Chinese X-Lab vies for global domination as it equips XDS Astana with bikes for the WorldTour
