Plans for Fernando Alonso to buy Spanish pro cycling team Euskaltel Euskadi have fallen through, according to a statement from the team.

The Spanish squad, with which Alonso had reached an agreement at the end of August, said on Monday that talks had come to an end despite its best efforts to secure a deal that would save the team from closure following the loss of its main sponsor.

“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.”

The statement continued: “We would like to explain the details of the negotiations, because we have done our part, with total honesty, but it is not possible because we need to respect the confidentiality of the negotiations. Having not achieved an agreement, Euskaltel is unfortunately obligated to restart an organised and responsible closure of the project.”

Alonso has said that he remains determined to have his own cycling team, even if he had to start from scratch.

“We’ve tried it until the end, but it’s just been impossible to have a cycling team in 2014,” Alonso said in a statement posted on Twitter.

“My passion for this sport, my will to cooperate and do my bit remains intact, so this is only the beginning of the future.

“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 and with humility.

“Cycling and its 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 forward to 2015!”