The Euskadi-Euskaltel cycling team says it has failed to strike a deal with Formula 1 driver Fernando Alonso for a takeover of the team, meaning it will have to fold. The Basque team says in statement Monday that it is 'obligated unfortunately to once again initiate an orderly shut-down process.' Alonso said last month he had reached an 'agreement in principle' to rescue the 19-year-old financially stricken team. Alonso was to provide funds to bridge a budget shortfall after Euskadi-Euskaltel lost €3.5 million ($4.7 million) of regional government funding due to austerity cuts prompted by Spain's financial crisis. The team's principal sponsor, telecoms company Euskaltel, had...
Full Story »