Alonso’s Purchase Of Euskaltel-Euskadi Cycling Collapses

Spanish telecom company Euskaltel said that F1 Ferrari driver Fernando Alonso's "plans to buy Spanish cycling team Euskaltel-Euskadi have collapsed," according to Braden Phillips of REUTERS. Euskaltel said, "We could not reach a definitive agreement. Euskaltel is now obliged, regrettably, to return to the process of an orderly and responsible closure of the project." Alonso, "a keen bike rider," had been set to "purchase the company that owns the Basque team's WorldTour license to enable them to continue racing in professional cycling's top league" in '14. Euskaltel-Euskadi faces "closure at the end of the season after 17 years of activity." No financial details "were given of Alonso's offer but Spanish media had reported" that Alonso had about $8.11M "available to spend on the project." REUTERS.

The AFP reported that Euskaltel-Euskadi had agreed "in principle" for Alonso to "fill a funding gap in their sponsorship" after the team lost $4.7M of "local government spending due to spending cuts." With the breakdown in negotiations, "it appears as if the last hope to save the 19-year old team have disappeared." AFP