The Basque team had previously announced that a deal had been agreed ‘in principle’ for Alonso to fill a funding gap in their sponsorship. PHOTO: AFP
The deal for Spanish two-time Formula One champion Fernando Alonso to rescue the financially stricken Euskaltel Euskadi cycling team has collapsed, both parties have confirmed.
News emerged that a sponsor had been found in the form of Alonso but he said a deal couldn’t be reached.
The Basque team had previously announced that a deal had been agreed ‘in principle’ for Alonso to fill a funding gap in their sponsorship after it lost €3.5 million of local government funding due to spending cuts.
“We tried right to the end but it was impossible to maintain a cycling team in 2014,” said Alonso. “It couldn’t be, but it will be. This adventure has just begun. Now we look to 2015.”
Published in The Express Tribune, September 25th, 2013.
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