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Fernando Alonso's plans to purchase the Euskaltel Euskadi cycling team have fallen through after he failed to reach an agreement with the current owner.

The Ferrari driver had announced earlier this month that he had agreed to purchase the Basque Pro Cycling Team (BCPT) company that owns the licence for the squad, which was close to collapse after losing its main sponsor.

However, the team said on Monday that the negotiations with Alonso have broken down.

"Euskaltel has put a lot of effort in trying to reach a deal, giving it his all, without any type of restriction, neither financial or of any other kind," said the team in a statement.

"Euskaltel's representatives cannot hide their disappointment at this turn of events during the negotiations, after the expectations generated by the initial agreement at the end of August and the public comments made by Fernando Alonso and his representatives."

The team said it will now continue to try to find a buyer to secure its future.