Fernando Alonso won't buy Euskaltel Euskadi but wants to build own team

(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!"