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Alonso ventures into the world of Cycling

Alonso ventures into the world of Cycling
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Fernando Alonso is to try his hand at team ownership but not in formula one.

The Spaniard has stepped in to save cycling team Euskaltel-Euskadi from folding at the end of the season

The team had been on the verge of collapse following 17 years in the peloton after co-sponsors failed to provide promised funding in 2013.

But double world champion Alonso appears to have come to the rescue and is set to purchase the WorldTour licence to enable the team to continue racing next year.

Euskaltel are one of Spain’s two teams in cycling’s elite class.

The team is led by Spain’s Samuel Sanchez, the 2008 Olympic road-race champion and is currently competing in the Tour of Spain.

No financial details have been revealed on Alonso’s deal but Spanish media suggest the Ferrari driver has some six million euros available to spend on the team.