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Grass may not be greener should Alonso be tempted away from Ferrari
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Two-time Formula One world champion Fernando Alonso has agreed to rescue financially stricken Basque cycling team Euskaltel Euskadi from collapse.

"Euskaltel and Fernando Alonso have reached an agreement in principle which guarantees a new future for the cycling team," the team said in a statement.

"Over the next weeks, negotiations between the parties will conclude with Fernando Alonso acquiring the company owning Euskaltel Euskadi, BCPT," it said, without giving further financial details.

The Basque cycling team announced in August that it would shut down at the end of the year because it could not find a sponsor.

The team's main sponsor, telecommunications company Euskaltel, had said it was looking for another sponsor to help with the running costs of the team after local government withdrew its €3.5million of public funding due to spending cuts.

Euskaltel filled that funding gap themselves for this season, taking their contribution to €7m of the team's €9m budget. However, it had said that level of investment was unsustainable.

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- James Piercy: Grass may not be greener should Alonso be tempted away from Ferrari

 

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