Fernando Alonso has purchased the Euskaltel Euskadi cycling team's WorldTour licence for €6m.
The Euskaltel Euskadi had previously confirmed that they would be withdrawing from the sport at the end of this season due to financial reasons.
However, the team has now been saved.
Alonso, an avid cycling fan, and his sponsors has purchased the Basque Pro Cycling Team, which owns the WorldTour licence under which Euskaltel Euskadi races.
According to reports, the Ferrari driver plans to build the team around Samuel Sanchez, the 2008 Beijing Olympic road race gold medalist.
"Euskaltel wants to thank the double Formula 1 Champion for reaching an agreement and would like to emphasise the...
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