Wednesday, February 20, 2013

In six months, this team might be bust

When the Fundación Euskadi's Continental team was unveiled in January, it was widely met with approval for its simple name and iconic jersey reminiscent of yesteryear. What the Equipo Euskadi team was a result of, though, was the futile search for a title sponsor.

Speaking yesterday, foundation president Miguel Madariaga revealed the outlook for the team is bleak - revealing it might be gone before the summer.

"The financial situation is bad", he told Vavel. "Right now we're below minimum, and we're looking for a sponsor. If we don't find one in the coming six months, this team will have to disband".

Madariaga says he's "pulled all the strings I could have pulled", but that the dire economic state makes investing in sport teams a no-go for companies all across Spain.

What's more, the current climate in cycling doesn't make the sport all that attractive.

"To find a sponsor, our project needs to be a good one. But the economic state and all the doping mess isn't doing anyone any favours", he stated.

The alma mater of modern Basque cycling says times are tough for his foundation and his teams, but adds that it's not even close to being the worst that's happened to him.

"The worst moments of my time in cycling is without a doubt the death of Víctor Cabedo and Iñaki Lejarreta", he concluded.

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