Fernando Alonso has taken over the license for the Euskaltel team and hopes to significantly strengthen its roster. According to a Gazzetta dello Sport report, the F1 driver hopes to bring in the Santander bank as a sponsor and sign Alberto Contador already from next season.

When Alberto Contador decided to leave Astana at the end of the 2010 season, rumours circulated that he would join forces with F1 driver Fernando Alonso and the Spanish Santander bank to set up a new cycling team built around the grand tour star. The plans never materialized but now they may be turned into reality with a 3-year delay.

Yesterday Fernando Alonso announced that he had bought the Euskaltel license and planned to rename the squad and move its headquarters to Asturias. He promised to honour all existing contracts which puts 14 riders already on the roster but would otherwise tie the roots to the Basque Country.

The first reports were that the squad would be built around current Euskaltel star Samuel Sanchez but the former Olympic champion may now have to play a secondary role. According to a report in Gazzetta dello Sport, Alonso plans to realize his life-long dream of signing his close friend Contador.

The Spaniard is currently under contract with Saxo-Tinkoff but the Danish team will lose co-sponsor Tinkoff bank from next season. Short of funding, team manager Bjarne Riis may be happy to get rid of the annual 4,5 million euro wage that Contador allegedly earns.

Reportedly, Alonso will bring in Santander as a sponsor and the money from the Spanish bank will allow him to sign the biggest Spanish cycling star.

Further information on the future of the cycling team is expected when Alonso has finalized his negotiations with the current owners of the cycling team.