Alonso joins forces with sports investment firm

Two-time Formula One world champion Fernando Alonso has 'joined forces' with NOVO, a sport investment management firm, amid longstanding and continuing speculation that he is poised to start a professional cycling team.

A statement from NOVO, which was founded last year, said that the new venture will 'acquire a portfolio of assets whose growth they can help to accelerate'. No further details on what those assets might be were made public in the NOVO statement announcing the news on Wednesday.

NOVO describes itself as existing to ‘develop, acquire and manage a portfolio of assets in sport for its shareholders and investment partners'.

Ferrari driver Alonso, has made no secret of his desire to form a professional road cycling team. The Spaniard's long-time manager, Luis Garcia Abad, will be a director of the new venture.

Alonso said: "I'm thrilled to be part of this new venture. I get to indulge my passion for cycling and obsession with technology and design with likeminded people. We see a window of opportunity and plan to kick it wide open!"