Fernando Alonso buys Euskaltel's WorldTour licence

Samuel Sanchez, Criterium du Dauphine 2012

Formula One driver Fernando Alonso has confirmed his purchase of Euskaltel-Euskadi's WorldTour licence, and will create a cycling team based around Samuel Sanchez for the 2014 season.

Spanish website elperiodico.com first reported on Monday morning that the cycling-mad Ferrari driver has set a €6million budget for the squad, which will also retain Euskaltel riders Igor Anton, Mikel Landa, Mikel Nieve, Gorka Izagirre and Jon Izagirre as well as Sanchez. The budget will be covered by Alonso's existing sponsors, says the report.

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