The Euskaltel team's future has been saved at the last minute by Formula 1 driver Fernando Alonso who has bought the team's license for 6 million Euro. The team will have a new name and headquarter in Asturias and is set to be build around current Euskaltel stars Samuel Sanchez, Mikel Nieve, Igor Anton and the Izagirre brothers.

The Euskaltel team had announced its own demise and the team's star riders had already started to negotiating new contracts elsewhere. Samuel Sanchez was reported to join Saxo-Tinkoff, Astana had expressed interest in Mikel Nieve and Mikel Landa while Igor Anton was close to signing a contract with Omega Pharma-Quick Step.

Those negotiations may now be put on hold following the announcement that Formula 1 driver Fernando Alonso has bought the team's license for 6 million Euro and plans to rebuild the team around its current stars Sanchez, Anton, Nieve and the Izagirre brothers Ion and Gorka. Alonso has long been an avid cycling fan and a close friend of Sanchez and Alberto Contador.

The team will, however, lose its Basque connection as it will move its headquarters to Alonso's native Asturias. The team will get a new name and also include young Asturian talents.

14 riders on the team's current roster have a contract for next season and are expected to be part of the team for next season. Alonso has not disclosed anything about the team's future roster.

The news confirm a rumour in today's El Periodico which reported that Alonso and Euskaltel were in negotiations and that an agreement could be reached today. That has now been confirmed by the team itself and so one of the longest-running teams in professional cycling will continue.