F1 star Fernando Alonso lines up to buy Basque cycling team

The two-time Formula One champion Alonso is just a step away from will acquiring Basque Pro Cycling Team, the company that owns Euskaltel Euskadi

updated: September 03, 2013 14:06 IST
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Madrid: Spanish Formula One star Fernando Alonso has reached a preliminary deal to buy the financially troubled Basque cycling team Euskaltel Euskadi to help "avoid its demise."

The two-time former F1 champion's website said Monday that the "initial agreement" followed "intense negotiations" and leaves him "one step away" from acquiring the team.

A longtime cycling fan, Alonso was described as "thrilled" to be taking an active role in the sport and a chance to "improve the image of this sport" - an apparent reference to the sport's doping-marred reputation.

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