JUst read this on Sky Sports website so dont know how accurate the comments are, but good news nonetheless.
Formula One driver Fernando Alonso has saved the Euskaltel-Euskadi cycling team from folding after buying the cash-strapped Spanish squad for €6m.
The team had been due to cease operations at the end of the season after almost 20 years in top-tier cycling following the withdrawal of financial backing from public institutions in the Basque country, where it is based.
However, long-time cycling fan Alonso has stepped in to rescue the squad by taking over ownership of its WorldTour licence and is now set to rebuild it in the Asturias region of north-western Spain.
A statement on his website said: "We are pleased to announce that the Spanish sportsman has reached an initial agreement to buy [Euskaltel-Euskadi] and so avoid its demise.