The flag of the Basque country. (Image credit: Peter Goding)

The Euskadi Foundation team has submitted its application for a UCI license within the deadline to become a Continental team, despite a budget gap, the Fundación Ciclista Euskadi stated in a press release to that effect today.

The last remnant of the Basque organisation is reportedly short 100,000 Euro of a 500,000 Euro total budget, according to Europa Press, but now has 15 days to secure the remainder and finalize its application for 2014.

Earlier this month, manager Miguel Madariaga told Cyclingnews he had added two sponsors, but had not closed the gap entirely. He was giving himself until the week of November 25 to finalize the budget.

A struggling Spanish economy has hit the Basque cycling teams hard: more than half of the Euskaltel-Euskadi WorldTour riders are still without contracts for 2014 after the team folded due to lack of budget, including 2008 Olympic road race champion Samuel Sanchez.