It looks like the end of Euskatel cycling team after the talks with F1 star Fernando Alonso failed.
The Basque team were heading for the exit following the withdrawal of funding by the Basque local government before the Ferrari driver's representatives started talks to become the new owners of the seventeen year old team.
In a press statement, Euskatel said: "We could not reach a definitive agreement. Euskaltel is now obliged, regrettably, to return to the process of an orderly and responsible closure of the project
"For Euskaltel and the team, this is sad news after the hope generated by the initial agreement reached at the end of August and public declarations at that time by Alonso and his representatives."
Alonso issued a statement saying: "We've tried it until the end but it's just been impossible to have a cycling team in 2014.
"My passion for the sport 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."