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Try shorting across the starter solenoid terminals with a heavy screwdriver. If the bike cranks to speed then the solenoid is the problem. (Be sure the rear wheel is off the ground when you try this.)
Otherwise, WoodiseIII may be on target.
I'd check for internal engine binding by removing the sparkplugs and the right forward cover on the engine to expose the end of the crankshaft.
Turn the nut on the end of the crank CLOCKWISE and with the sparkplugs removed, the engine should turn relatively freely.
You'll feel three distinct 'lobes' on each rotation -- progressively more force required then it eases up -- as the camshafts rotate against the lifters.
A 'scraping' or 'grinding' noise (or feel in your wrench hand) indicates something bad has happened.
Jim
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