• The Pits

Alonso's plans to buy cycling team fall through

ESPN Staff
September 23, 2013
Fernando Alonso will no longer buy the Euskaltel Euskadi pro cycling team © Sutton Images
Enlarge
Related Links

Plans for Fernando Alonso to buy Spanish pro cycling team Euskaltel Euskadi have fallen through, according to a statement from the team.

At the end of August Alonso agreed to purchase the team, which is facing closure if it cannot find a backer. However, in a statement on Monday Euskaltel Euskadi said talks leading to the takeover had failed.

"The negotiations between Euskaltel and the representatives of Fernando Alonso for the acquisition of the cycling team Euskaltel Euskadi on behalf of the Asturian driver, which began with an agreement in principle on August 31, have ended without an agreement," the team said in a statement. "For Euskaltel it is sad news that after the hope generated by the agreement in principle, a definitive agreement has not been formalised to guarantee a professional future for the members of the team and to reward the fans that have been loyal until the last moment.

"We would like to explain the details of the negotiations, because we have done our part, with total honesty, but it is not possible because we need to respect the confidentiality of the negotiations. Having not achieved an agreement, Euskaltel is unfortunately obligated to restart an organised and responsible closure of the project."

Alonso, a big pro cycling fan, had talked of his excitement about buying the team before the negotiations fell through.

© ESPN Sports Media Ltd.
ESPN Staff Close

ABOUT COOKIES

To help make this website better, to improve and personalize your experience and for advertising purposes, are you happy to accept cookies and other technologies.

More Info Here Cookie Choices