It is a cycling game, featuring 4 Olympic Cylists, which had magnets on the bottom.
Apparently it's not a board game.
Any possibility of it being similar to those old vibrating electrical games we had in that era? The ones I remember were football teams and the players were magnitized and moved around on a metalic board by the board being vibrated with a buzzer.
Found them! They're made by Tudor and they're actually from the '60's. There were football, hockey, and track versions of them.
Here are a few images I found by searching for Tudor electrified games:
I then did a search for electrified board games olympics cyclists and found this image:
Are we getting any closer?