Here's what Friel says...
Reference: Friel, J. (2003). The cyclist’s training bible (3rd ed). Boulder, Colarado: Velopress (p.220-221)
(Chapter 16 “Fuel” – also found in Chpter 16; Protein, carbohydrates, fat, water, antioxidant supplements, ergogenic aids, branched-chain amino acids, medium-chain triglycerides, creatine, caffiene, glycerol)
The German Army used sodium phosphate in WWI, and even in the 1930s German atheletes knew of its worth. It has not received a great deal of publicity in recent years, though some atheletes have known about it for years but kept the secret.
Sodium phosphate has the potential to improve a 40k time trial significantly, alloq you to hang on when the pace would normally have you off the back and make high-intensity efforts feel much easier.
In 1983, researchers working with elite runners found that sodium phosphate increased aeobic capacity by 9 percent and improved ventalattory threshold (like lactate threshold) by 12 percent. A more recent study of cyclists in Florida showed showed that using phosphate improved low-level endurance times significantly, lowered 40k time trial times by 8 percent, and raised lactate threshold by 10 percent, while lowering perceived effort. These results seem a bit extreme, but there is limited research on sodium phosphate.
It appears to produce benefits by causing the hemoglobin in the red blood cells to completely unload their stores of oxygen at the muscle. A greater supply of oxygen allows the muscles to operate aerobically at higher speeds and power outputs that would normally cause an anaerobic state.
The next/last three paragraphs in this section are about how to load with it, possible symptoms if your body does not like it and warnings to try it out well before you need it.
References at the end of the chapter that appear to support this section:
Altering cardiorespiatory fitness. (1986). Sports Medicine 3, no.5, p. 346-356
Anderson, O. (1996) Carbs, creatine and phosphate: If the king had used these uppers he’d still be around today. Running Research News 12, no.3, p.1-4
Cade, R. (1984). Effects of phosphate loading on 2,3-diphosphoglycerate and maximal oxygen uptake. Medicine and Science in Sports and Exercise 16, no.3, p.263-268
Kreider, R.B. (1990). Effects of phosphate loading on oxygen uptake, ventilatory anaerobic threshold, and run performance. Medicine and Science in Sports and Exercise 22, no.2, p.250-256
Kreider, R.B. (1992). Effects of phosphate loading on metabolic and myocardial responses to maximal and endurance exercise. International Journal of Sports Nutrition 2, no.1, p.20-47
Stewart, I. (1990). Phosphate loading and the effects on VO2max in trained cyclists. Research Quarterly for Exercise and Sport 61, no.1, p.80-84