Fernando Alonso has not given up on his dreaming of owning a pro-cycling team despite talks with Euskaltel Euskadi breaking down.
Earlier this year, it was announced that Alonso had agreed to purchase Euskaltel Euskadi cycling team's WorldTour licence for €6m, saving the team that was facing closure after losing its main sponsor.
However, weeks later, the deal has fallen through for undisclosed reasons.
"The negotiations between Euskaltel and the representatives of Fernando Alonso for the acquisition of the cycling team Euskaltel Euskadi on behalf of the Asturian driver, which began with an agreement in principle on August 31, have ended without an agreement," the team said in a statement.
"For Euskaltel it is sad news that after the hope generated by the agreement in principle, a definitive agreement has not been formalised to guarantee a professional future for the members of the team and to reward the fans that have been loyal until the last moment."
Alonso, though, is not giving up on cycling, revealing that he still intends owning a team even if he has to build it from "scratch." His plans, though, will only come to fruition in 2015.
"We've tried it until the end but it's just been impossible to have a cycling team in 2014. My passion for this sport, my will to cooperate and to do my bit remains intact, so this is only the beginning of the future," said the Ferrari driver.
"From tomorrow morning we are going to work on building, if needs be from scratch, a team we can be proud of. The best cycling team we can form, respecting this sport with humility. As you may have observed I'm quite tenacious, and above all, I love and value this sport a lot.
"It possesses and transmits, as I said many times, values that I share: a set of values that I would like to help promote. Cycling and it's fans deserve the best and now we have time on our side, time in which we'll be very attentive to any circumstance that we can learn from and, above all, that can make us better for next year.
"It wasn't to be, but it will be! This adventure has only just begun. Let's look for to 2015!"