A continental series needs somebody to drive it, like World Cups have UCI and national series have BC or their own version.
I organised two “continental events” (iXS Cup Innerleithen 2010 and 2012) and the gap there was not helpful
It was made very clear by BC that we were second in line for anything after the British Downhill Series (event date selection being the most brutal example), nobody was advocating for us. We were sub-contractors, the iXS money went to the Swiss guys who had the contract we never saw any of it.
There is a different model to fund these things in Europe – local tourists boards will put in significant money – UK model is more scrabbling about for what government money you can find, entry fees and local sponsors.
Just my thoughts!