Alonso and his sponsors will fund a EUR 6 million budget for 2014 for the cycling team.
Sep.2 (GMM) Fernando Alonso is set to become the owner of a professional cycling team.
On Sunday, the Ferrari driver sent the 'Twittersphere' into a frenzy when he announced that "important news" will shortly be flowing.
Actually, specialist cycling media outlets on Monday said Alonso, a road cycling and fitness enthusiast, has bought the Spanish world tour team Euskatel-Euskadi.
El Periodico said Alonso and his sponsors will fund a EUR 6 million budget for 2014 for the team, which was set to fold at the end of this year.
Euskaltel-Euskadi, from the Basque region, released a statement confirming the agreement with Alonso, adding that more information will be forthcoming.