Ferrari F1 driver Fernando Alonso buys Basque cycling team

Ferrari Formula 1 driver Fernando Alonso has saved a Basque cycling team from "demise" by buying them out.

Euskaltel Euskadi were close to extinction due to a lack of funding, but Alonso, who is a keen cyclist, has reached an agreement with the team to keep them competing.

A statement on the Spaniard's official website said: "After various days of intense negotiations between both parties, carried out with maximum discretion, we are pleased to announce that the Spanish sportsman has reached an initial agreement to buy said cycling team and so avoid its demise."

The Basque team, who have been competing for nearly two decades, were expected to cease at the end of the season.