The Euskaltel Cycling Foundations has officially responded to recent rumours speculating that the Basque team would continue throughout the 2014 season as a Continental Team despite previous announcements and despite being in dire straits financially.

In an official press release the company reiterated previous statements that the team will terminate at the end of 2013 unless a last-minute sponsor will unexpectedly appear to support the continuation of the team. At present such a scenario seems highly unlikely given the general economic stagnation in Spain.

“The Euskadi Cycling Foundation is forced to step forward and comment on the rumours circulating in recent days in the cycling world, which have implied and assumed that Euskadi Cycling Foundation will continue throughout 2014 as a continental team.

The Euskadi Cycling Foundation wants to clarify that there is absolutely no foundation for such speculation. The situation for Euskadi Cycling Foundation has not changed since last October 3 when, at a press conference, Miguel Madariaga, general manager of the Euskaltel- Euskadi team, said that the team had a 98% chance of disappearing, unless a sponsor could be found. The situation, the Euskadi Cycling Foundation insists, has not changed.”

For the riders currently employed by the Basque team, the situation is critical as the vast majority of them is still left without a team for the forthcoming season as Cyclingquotes.com reported earlier.