Cycling

Alonso saves Euskaltel-Euskadi

Fernando Alonso (File)
Fernando Alonso (File)

Madrid - Formula One driver Fernando Alonso has stepped in to save Spanish cycling team Euskaltel-Euskadi from folding at the end of the season, sponsors said on Monday.

The Spanish double world champion was set to purchase the WorldTour licence to enable the team to continue racing in 2014, current sponsors Euskaltel said in a statement.

"The negotiations will be completed in the next few weeks and will culminate in the purchase of the company (Basque Cycling Pro Team), which owns the team, by Fernando Alonso," the statement said.

Euskaltel-Euskadi are one of Spain's two teams in the WorldTour, cycling's top league. Led by Spain's Samuel Sanchez, the 2008 Olympic road-race champion, they had looked likely to fold at the end of the season after 17 years after co-sponsors failed to provide promised funding in 2013.

No financial details were given of Alonso's deal, but Spanish website elperiodico.com said the Ferrari driver had some €6 million available to spend on the cycling team.

The Basque squad are currently taking part in the Tour of Spain, the country's Grand Tour.

loading... Live
England 0
Pakistan 62/1 (23.4 ov)
Voting Booth
What is your favourite sport to watch on TV?
Please select an option Oops! Something went wrong, please try again later.
Results
Rugby
44% - 5899 votes
Cricket
11% - 1464 votes
Football
19% - 2511 votes
Athletics
2% - 307 votes
Boxing
1% - 123 votes
Cycling
2% - 304 votes
Golf
5% - 657 votes
Motorsport
8% - 1092 votes
Tennis
3% - 418 votes
Water sports
1% - 120 votes
American sports
1% - 129 votes
MMA / WWE / UFC
3% - 384 votes
Vote