Image 1 of 2 Formula 1 star Fernando Alonso was on hand at the start of the elite men's world championship race (Image credit: Sirotti) Image 2 of 2 Formula 1 star Fernando Alonso arrives at the summit via motorcycle. (Image credit: Sirotti)

Fernando Alonso's team has been given the working title of FACT - Fernando Alonso Cycling Team - as the Formula 1 pilot and his managers continue to plan and prepare for a debut in the WorldTour in 2015.

According to Spanish newspapers El Mundo and AS, Alonso registered the team with the UCI on Monday, with FACT the name of the team's management company. The team will eventually be known by the name of any titles sponsors. The new team apparently already has some serious offers for sponsorship on the table thanks to Alonso's contacts in Formula 1.

It seems Luis García Abad, Alonso’s manager, has traveled to Dubai to have several meetings with potential sponsors. Dubai shows great interest in cycling recently. It hosts its inaugural Dubai Tour next February and has indicated it could host the start of the Giro d’Italia in the future.

Fernando Alonso announced on September 2 via his personal website there was an outline agreement to take over the Euskaltel cycling team. However the negotiations ended on September 23 after the parties failed to reach an agreement. Alonso confirmed that he would instead create his own team for the 2105 season.

El Mundo claims that the team is likely to be based in Spain, in Alonso's home region of Asturias, but suggested that the team has several interesting offers to be based elsewhere, even Dubai, which could save the team considerable amounts due to lower levels of taxation.

The FACT team intends to sign some of the biggest names in the peloton for 2015, with Peter Sagan and Alberto Contador both possible targets and both out of contract at the end of 2014.