League One Club Sacks Groundsman Barcelona Renews Deal With CaixaBank Liverpool To Return To Hong Kong Ecclestone Reveals He Is Out As F1 CEO Berlin EPrix May Return To Tempelhof IMG Signs Agreement With AIBA Mercedes Signs Wihuri To One-Year Deal F1 Set To Revamp Boardroom ECA Chair Alludes To Revolt Against FIFA Chapecoense Returns To Pitch
Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).
SBD Global/September 24, 2013/Franchises
F1 Ferrari Driver Fernando Alonso's Purchase Of Euskaltel-Euskadi Cycling Collapses
Published September 24, 2013
WANT MORE GREAT STORIES LIKE THIS?
CLICK ON ONE OF THESE BUTTONS
LAST HOPE DISAPPEARS: The AFP reported that Euskaltel-Euskadi had agreed "in principle" for Alonso to "fill a funding gap in their sponsorship" after the team lost $4.7M of "local government spending due to spending cuts." With the breakdown in negotiations, "it appears as if the last hope to save the 19-year old team have disappeared" (AFP, 9/23).
NEGOTIATIONS UNSUCCESSFUL: In Madrid, Sergio Viñas reported "the miracle has evaporated." Alonso, "who had funding a cycling club in his mind for years, saw in the near disappearance of Euskaltel an excellent opportunity to act on this idea." Throughout this month, Alonso was "outlining the project, which was going to be led by former cyclist Kiko García." At the same time, "meetings were held to finish the agreement, and this is where the problem occurred." Alonso "assured that Euskaltel was asking for too much." The team "criticized the spreading of false information." Euskaltel-Euskadi also "showed its disappointment in the outcome of the process and said that it put forth all of its effort to reach an agreement" (EL MUNDO, 9/23).