Alonso's bid to buy cycling team collapses

Sep.24 (GMM) Fernando Alonso's bid to take over a top professional cycling team has collapsed.

Early this month, the Ferrari driver announced advanced negotiations to buy the world tour license of the struggling Spanish team Euskaltel-Euskadi.

But late on Monday, Alonso - a keen amateur cyclist - confirmed that the talks have broken down.

"We've tried it until the end but it's just been impossible to have a cycling team in 2014," he confirmed in a photo statement posted on Twitter.

However, the double world champion said he remains committed to setting up a cycling team, "if need be from scratch", for 2015.

"My passion for this sport, my will to cooperate and do my bit remains intact, so this is only the beginning of the future," Alonso added.