there is a bit more on cycling news about it.with alonso being rather good friends with one alberto contador,and him being rather unhappy with saxobank and riise he may be on the move to the new team.the orange basque strip will be going and they will ride under the santander name ( who also sponsor alonso). and have done a deal with colnago for the bikes.sounds good allround
looked through the initial link in the first post, then read the above comment, was extremely surprised by it as that team always ride Orbea bikes, it's a basque team that has always ridden the basque bike brand, it wouldn't surprise me if that was the sticking point which caused it to fall through.
i like euskadi euskaltel, they always seem to have riders that can throw a spanner in the works of the bigger teams race wise, that said still not a fan of contador, but i wasn't ever even previous to his scandal.