Alonso's takeover of Euskaltel cycling team cancelled

Negotiations between representatives of Fernando Alonso and the tier 1 Euskaltel-Euskadi cycling team have ended without an agreement. This outcome will likely also mean the end of the 19-year old Basque cycling team.

"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."