Euskaltel Euskadi to shut down after 2013 season
MADRID (AP) — Spanish cycling team Euskaltel Euskadi says it will shut down after completing the 2013 season because of a lack of funds.
The team says its demise is due to an inability to find a second sponsor in addition to telecommunications company Euskaltel following the reduction of funding from the regional government of the Basque Country, where it is based.
Spain is mired in an economic recession that has resulted in decreased public and private funding for most sports.
The team says in a statement “from this moment, Euskaltel will begin an ordered and responsible shutting down of the project, including the immediate negotiation to release its team members from contract.”