Alonso joins forces with NOVO ahead of possible new team

Key UCI ProTeam deadline looms tomorrow

One day ahead of an important UCI ProTeam registration deadline, two-time Formula One world champion Fernando Alonso has announced that he has paired up with sport investment managers NOVO. The partnership could be related to the formation of his intended new pro road cycling team.

"I'm thrilled to be part of this new venture," said the Scuderia Ferrari driver according to Yahoo.com. "I get to indulge my passion for cycling and obsession with technology and design with likeminded people. We see a window of opportunity and plan to kick it wide open!"

In the same article, Alonso mentioned former successful partnerships with Oakley, Ferrari, Renault and McLaren as examples of how his experience will benefit the venture.

On Wednesday, October 1, UCI ProTeam applications for 2015 are due to the UCI.

NOVO's Managing Partner Nathan Pillai said that Alonso's new team is an important part of the group's plans. "Just as motor sport provides a platform for manufacturers to reach potential buyers, professional cycling gives us a powerful shop window to integrate our portfolio companies, conduct R&D and promote our activities," said Pillai according to Yahoo.

"We want to create a competitive, sustainable team franchise that is loved and admired for its innovation, transparency and commitment to social responsibility. We are busy putting in place the foundations required to achieve the long term success we desire and will make an announcement on our progress in due course."

There is no word yet on whether NOVO has 10 riders under contract and will give its bank deposit guarantee.

Per UCI rules, WorldTour Teams must guarantee "one quarter of all the gross sums due for payment by the UCI ProTeam to riders and persons under contract for the operation of the team during the registration year plus the amount of CHF 15,000. In no case may the amount of the bank guarantee be less than CHF 975,000."

The teams must also submit to the UCI at least 10 signed rider contracts by October 1 and at least 15 by October 20. All rider contracts must be complete and submitted for approval by December 1.

Although all contracts are not required to be completed until December 1, a candidate ProTeam must submit a list of all riders that it intends to recruit.

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