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There are many cycle clubs already out there if people do want to pay membership fees then they can.
This one isn't one of those clubs.
But by your own argument, who couldn't afford a £70 cycle jersey? We know that answer isn't 'nobody'... so we'll care about the final price enough to control it a little.
Velocio
Can anyone really not afford £10 to join a cycle club? That's got to be just about the cheapest membership fee for any sport. My old canoe club was £170 a year, gym membership is £50+ a month, golf club membership £hundreds. Anyone who wants to race is going to have to face the cost of entry fees and BC membership. £10 from 150 members and your funding is sorted, and you can offer whatever jerseys you like at cost to your members.