3 Sep 2013

Alonso to save Spanish cycling team

8:49 am on 3 September 2013

Formula One driver Fernando Alonso has stepped in to save Spanish cycling team Euskaltel-Euskadi from folding at the end of the season.

The Spanish double world champion is set to purchase the WorldTour licence to enable the team to continue racing in 2014.

Euskaltel-Euskadi are one of Spain's two teams in the WorldTour, cycling's top league.

Led by Spain's Samuel Sanchez, the 2008 Olympic road-race champion, they had looked likely to fold at the end of the season after 17 years after co-sponsors failed to provide promised funding in 2013.

No financial details have been given of Alonso's deal but a Spanish website has said the Ferrari driver had some six million euros available to spend on the cycling team.

The Basque squad are currently taking part in the Tour of Spain, the country's Grand Tour.