Euskaltel Euskadi will fold at the end of this season for want of a second sponsor.
The outfit has today confirmed the team, home to former Olympic champion Samuel Sanchez, will begin to close operations with riders free to neogtiate contracts elsewhere.
"Today is a sad day for Euskaltel, for the team for current sponsors, for the fans and to all who have supported this project. We regret that any company or entity has decided to bet on this team," a press release read.
"The input of a second sponsor, essential to ensure the sustainability of the cycling team, has not been produced, making team continuity impractical from 2014.
"From this moment, Euskaltel will initiate an orderly shutdown.
"During these months we have worked actively to maintain multiple contacts with companies to try to ensure the survival of the team going forward. Despite the work and efforts made by Euskaltel, in the Basque region and internationally, none of the efforts have born fruit."
Euskaltel has been a team sponsor since 1997 and has contributed more than 45 million euros within that time.
Thank you for reading 5 articles this month* Join now for unlimited access
Enjoy your first month for just £1 / $1 / €1
*Read 5 free articles per month without a subscription
Join now for unlimited access
Try first month for just £1 / $1 / €1
Founded in 1891, Cycling Weekly and its team of expert journalists brings cyclists in-depth reviews, extensive coverage of both professional and domestic racing, as well as fitness advice and 'brew a cuppa and put your feet up' features. Cycling Weekly serves its audience across a range of platforms, from good old-fashioned print to online journalism, and video.
Going virtual: An 'outdoor' cyclist tries Zwift and indoor riding for the first time
After holding out against it for years, one Cycling Weekly writer finally braves the world of online cycling, with mixed results
By Adam Becket • Published
How I dropped the weight and won a Tour de France time trial
Our new Lifetime Achievement award winner reveals how a move to Nice in the south of France helped lift his career to the next level
By James Shrubsall • Published