Fernando Alonso won't buy Euskaltel Euskadi but wants to build own team
September 23, 2013 -- Updated 2005 GMT (0405 HKT)
Formula One racer Fernando Alonso, right, hasn't ruled out starting his own cycling team.
- Fernando Alonso won't buy cycling team Euskaltel Euskadi after negotiations end
- The Spanish outfit must now find another major sponsor to keep afloat
- The two-time Formula One champion says he still wants to be involved with a cycling team
- He didn't rule out starting a team from "scratch" and looked ahead to 2015
(CNN) -- Fernando Alonso won't be saving Euskaltel Euskadi after all. But Alonso still wants a cycling team and might start one up from "scratch."
Formula One's highest-paid driver reached an initial agreement to buy Euskaltel Euskadi, Alonso's website stated early this month, but negotiations since broke down.
If the Spanish outfit can't find another major sponsor soon, it won't be around for a 20th year.
"The negotiations between Euskaltel and the representatives of Fernando Alonso for the acquisition of the cycling team Euskaltel Euskadi on behalf of the Asturian driver, which began with an agreement in principle on August 31, have ended without an agreement," the team said in a statement posted on its website.
Fernando Alonso's drive to the top
Engines on, Formula 1 returns!
Cycling for a better future
"For Euskaltel it is sad news that after the hope generated by the agreement in principle a definitive agreement has not been formalized to guarantee a professional future for the members of the team and to reward the fans that have been loyal until the last moment.
"We would like to explain the details of the negotiations, because we have done our part, with total honesty, but it is not possible because we need to respect the confidentiality of the negotiations."
Alonso, a cycling fan who hails from Spain, later took to Twitter to respond.
"We've tried it until the end but it's just been impossible to have a cycling team in 2014," said Alonso. "My passion for the sport, my will to cooperate and do my bit remains intact, so this is only the beginning of the future.
"From tomorrow morning we are going to work on building, if need be from scratch, a team we can be proud of.
"It wasn't to be but it will be! This adventure has only just begun. Let's look forward to 2015!"
Today's five most popular stories
Part of complete coverage on
November 18, 2014 -- Updated 1138 GMT (1938 HKT)
Click through our gallery of the most dramatic moments from the world of sport.
July 28, 2014 -- Updated 1606 GMT (0006 HKT)
Whisper it quietly, but after years of foreign domination the prospect of a French winner of the Tour de France is more than just a mere pipe dream.
July 28, 2014 -- Updated 1321 GMT (2121 HKT)
Seven years ago Steve Way was a 20 per day smoker and weighed a hefty 104 kg, but he led the marathon at the 2014 Commonwealth Games.
July 25, 2014 -- Updated 1317 GMT (2117 HKT)
After just one day of competition, a new sport has emerged at the Commonwealth Games in Glasgow: snapping selfies with the Queen.
July 25, 2014 -- Updated 2048 GMT (0448 HKT)
Inspirational cyclist Joanna Rowsell added another gold to her growing collection in the individual pursuit at the Commonwealth Games.
July 24, 2014 -- Updated 0404 GMT (1204 HKT)
At the opening ceremony of the Commonwealth Games in Glasgow, an actor upstaged the Queen by kissing a male dancer.
May 7, 2014 -- Updated 1200 GMT (2000 HKT)
Of course not. But former Fulham owner Mohamed Al Fayed seems to think the removal of Michael Jackson's statue was a very "bad" idea.
May 7, 2014 -- Updated 1636 GMT (0036 HKT)
Second-tier French side Clermont Foot appoint Helena Costa -- the country's first ever professional female coach of a male team.
April 25, 2014 -- Updated 1733 GMT (0133 HKT)
The All Blacks and their fans are focused on one thing, says Dan Carter: becoming the first rugby nation to win back-to-back World Cups.
April 4, 2014 -- Updated 1308 GMT (2108 HKT)
The 2002 bomb attacks in Bali had many victims -- including a touring rugby team from Hong Kong.
Photographer Danny Lyon spent three days with Muhammad Ali in 1972 and shares his best photos and memories of the champ.
February 25, 2014 -- Updated 1254 GMT (2054 HKT)
With a growing audience boosted by the drama of ice hockey on show in Sochi at the Winter Olympics, can the sport capitalize on its popularity?
January 20, 2014 -- Updated 1125 GMT (1925 HKT)
Her paintings may sell for thousands of dollars, but she is best known for a modeling shot 50 years ago that helped launch a business empire.