Reuters: Sports News: Alonso's purchase of Euskaltel-Euskadi team collapses

Reuters: Sports News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

LSAT prep from HLS-educated instructors LSATMax includes video lessons, unlimited personal attention & support, and over 6,000 real questions from previous LSAT's. Enroll for just $299. From our sponsors

Alonso's purchase of Euskaltel-Euskadi team collapses Sep 23rd 2013, 15:28 BARCELONA | Mon Sep 23, 2013 11:28am EDT BARCELONA (Reuters) - Formula One driver Fernando Alonso's plans to buy Spanish cycling team Euskaltel-Euskadi have collapsed, sponsors Euskaltel said in a statement on Monday. "We could not reach a definitive agreement. Euskaltel is now obliged, regrettably, to return to the process of an orderly and responsible closure of the project," they added. "For Euskaltel and the team this is sad news after the hope generated by the initial agreement reached at the end of August and public declarations at that time by Alonso and his representatives." Ferrari driver Alonso, a keen bike rider, had been set to purchase the company that owns the Basque team's WorldTour license to enable them to continue racing in professional cycling's top league in 2014. Led by Spain's Samuel Sanchez, the 2008 Olympic road-race champion, they face closure at the end of the season after 17 years of activity. No financial details were given of Alonso's offer but Spanish media had reported that the double world champion had some six million euros ($8.11 million) available to spend on the project. ($1 = 0.7402 euros) (Reporting by Braden Phillips, editing by Alan Baldwin) nL4N0HJ2T2 Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions