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Alonso drives to Euskaltel rescue
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Spanish two-time Formula One world champion Fernando Alonso, who drives for Ferrari, has agreed to rescue financially troubled Basque cycling team Euskaltel Euskadi from collapse, the team said yesterday.
“Euskaltel and Fernando Alonso have reached an agreement in principle which guarantees a new future for the cycling team,” the team said in a statement, without giving further financial details. The Basque cycling team announced in August that it would shut down at the end of the year because it could not find a sponsor. The team’s main sponsor, telecommunications company Euskaltel, had said it was looking for another sponsor to help with the running costs of the team after local government withdrew its 3.5 million euros (US$4.6 million) of public funding due to spending cuts. Euskaltel is one of Spain’s two teams, apart from Movistar, in the WorldTour, the top league.
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