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SBD Global/September 3, 2013/FranchisesPrint All
Ferrari driver Fernando Alonso has reached an agreement to save "stricken" Spanish cycling team Euskaltel-Euskadi from extinction, according to the PA. Alonso has "a keen interest in cycling and had held talks over a buy-out of the team having been saddened by news of their imminent demise." Alonso said in a statement on his website, "After various days of intense negotiations between both parties, carried out with maximum discretion, we are pleased to announce that the Spanish sportsman has reached an initial agreement to buy said cycling team and so avoid its demise." Euskaltel-Euskadi was due to "cease competing at the end of the season due to a lack of funding, bringing to an end nearly two decades of professional riding" under the Euskaltel-Euskadi banner. The team was previously co-funded by the government of Spain's Basque region, but "financial pressures in Spain affected their input and a second sponsor could not be found" (PA, 9/2). In Barcelona, Miguel Martínez reported Alonso will buy Euskaltel-Euskadi's licensing in the WorldTour, cycling's top league. Only 18 teams, "including two in Spain, have this licensing." The Euskaltel-Euskadi "acquisition project will have a budget" of €6M ($7.9M), which will "be covered by Alonso's sponsors." The agreement is "already sealed" (EL PERIODICO, 9/2).
ECONOMIC HARDSHIPS: REUTERS reported the team is "comprised mostly of Basque riders." Telecom Euskaltel "surprisingly announced" that it would no longer "support the team, in part down to co-sponsors opposing the decision to allow more non-local professionals into the squad, not helped by Spain's economic crisis." Like La Liga side Athletic Bilbao, Euskaltel-Euskadi "had come to represent the heartland of Spanish cycling and was widely regarded as one of the top teams on the Tour." But the team has "never won a Grand Tour, which will surely be the focus of Alonso and his advisers for the coming seasons" (REUTERS, 9/2).
Scottish Premiership Heart of Midlothian Manager Gary Locke "has thanked supporters for supporting the Foundation of Hearts but warned: 'It's going to take several years to get the club back up to its feet,'" according to David Gunn of the SCOTSMAN. Locke spoke Monday after the "first direct debits were drawn down by the Foundation of Hearts." The group-backed bid sees Edinburgh businesses "provide the capital up-front, through Bidco, before entering a binding contract with Fanco to sell the club in a controlled manner at no personal gain." With the direct debit draw down "regarded as the first step towards supporter ownership of the club," Locke said, "The club exists because of the supporters and the club has a chance of a future because of the supporters." As of 9am Monday, 7,530 supporters "had pledged money to the Foundation of Hearts" (SCOTSMAN, 9/2).
Scottish League 1 Rangers said that "a deal to spare the club the cost of an extraordinary general meeting has still not been reached but talks are continuing," according to the Scotland DAILY RECORD. A group of "disgruntled shareholders" led by engineering firm Clyde Blowers Chair Jim McColl have called for the meeting in a bid to topple Rangers CEO Craig Mather. They also want Finance Dir Brian Stockbridge and Non-Exec Dir Bryan Smart "removed from the board and their directorships handed to" accountant Frank Blin and "former Blue Knight Paul Murray." Holding such a meeting would cost the club around £80,000 ($124,600) and the Ibrox board has "proposed that the motion lodged for discussion is instead resolved at the club's annual general meeting, due to take place sometime in October" (DAILY RECORD, 9/2).