Raikkonen returns to Ferrari in 2014

(CNN) -- The Iceman has returned to fire up Ferrari.

The legendary Formula One team has re-signed Finn Kimi Raikkonen to partner Fernando Alonso in 2014.

The Italian marque is replacing Brazilian Felipe Massa with its 2007 world champion as it seeks to end an era of Red Bull dominance.

"Scuderia Ferrari announces that it has reached an agreement with Kimi Raikkonen," read a statement on the team's official website. "The Finn will join Fernando Alonso in the driver lineup for the next two racing seasons."

Raikkonen spoke of his pleasure at returning to the team which had employed him between 2007 and 2009.

"I am really happy to be returning to Maranello where I previously spent three fantastic and very successful years," Raikkonen said.

"I have so many memories of my time at Ferrari, memories which have stayed with me these past years.

"I can't wait to be driving a Prancing Horse car again and to reacquaint myself with so many people with whom I had such close links."

Old foes, new friends?

Ferrari will be the only team to race two world champions next season, making it the most potent, but potentially risky, pairing on the grid.

Commenting on his new teammate, Alonso said: "I'd like to welcome my new traveling companion: together, starting next year, we will have to tackle a very demanding technical and racing challenge."

Raikkonen added that he considered the Spanish double world champion, "a great driver."

Ferrari released Raikkonen in 2009 -- ending his multimillion-dollar contract a year early -- to make way for Alonso as its number one driver alongside Massa.

Raikkonen said at the time he was "very sad" to leave Ferrari and he immediately quit F1 to pursue rallying.

That backdrop feeds a fascinating dynamic between Raikkonen and Alonso as they work together as teammates next season.

Pairing Alonso with another ambitious and capable driver is a risk -- a problem McLaren had to face when it signed the Spaniard alongside Lewis Hamilton in 2007.

Read: Alonso saves cycling team

Alonso, who won back-to-back world titles with Renault in 2005 and 2006, left McLaren after a single season in which he and Hamilton fought over No. 1 status within the team.

Ferrari president Luca di Montezemolo had said earlier this year he did not want "two roosters in the same henhouse" but that view softened at last weekend's Italian Grand Prix.

Di Montezemolo gave Raikkonen the green light ahead of Massa and Sauber's Nico Hulkenberg, who had also been linked with a move to Ferrari next season.

Massa, who was retained by Ferrari after recovering from a life-threatening head injury at the 2009 Hungarian Grand Prix, announced his departure Monday.

The 32-year-old revealed on his Twitter account: "From 2014 I will no longer be driving for Ferrari.

All the luck for next years! You will be a strong opponent in any team! And we still have 7 GP to have some fun! pic.twitter.com/gsHQvVY9hThttp://t.co/zvzso1xi7q

"I would like to thank the team for all the victories and incredible moments experienced together.

"Right now I want to push as hard as possible with Ferrari for the remaining seven races. For next year, I want to find a team that can give me a competitive car to win many more races and challenge for the championship which remains my greatest objective!"

Raikkonen, who has won two races since returning to F1 with Lotus in 2011, will be determined to fight for victories -- something Massa has struggled to do alongside Alonso.

The Brazilian, who has spent eight years at Ferrari, has not won a race during his tenure as Alonso's teammate while the former Renault star has won 11 grands prix since joining Ferrari in 2010.

Raikkonen -- nicknamed "the Iceman" -- is not expected to be cowed by Alonso's strong personality or his abilities on track.

Ferrari will hope their "fire and ice" combination will bring out the best in each other as it seeks to win its first team title since 2008.

Read: Meet Kimi Raikkonen - F1's Mr Consistency

Team principal Stefano Domenicali chose only to focus on Raikkonen's comeback Wednesday, saying: "I sense he is very happy to be returning to Maranello and very determined to tackle the work that awaits him in the best way possible."

Ferrari's late founder Enzo Ferrari had a reputation for encouraging rivalry between his drivers but Ferrari has preferred to adopt a policy of focusing on a lead driver since Michael Schumacher joined in 1996.

Silent but deadly

Raikkonen is as renowned for his reticence as he is for his pure speed -- the 33-year-old simply prefers to do his talking on the track.

But his occasional, pithy one-liners have earned him a legion of global fans.

His comment to Lotus on team radio as he raced to victory in Abu Dhabi last year ("Leave me alone, I know what I'm doing") was so popular it has appeared as a slogan on t-shirts and mugs.

Back in 2001, Raikkonen was fast tracked into F1 by Sauber after competing in a mere 23 races in motorsport's junior categories.

McLaren was the next team to recognize Raikkonen's natural talent, and snapped him up on a long-term deal in 2002.

The following season, Raikkonen took Schumacher down to the final race of the season in a thrilling championship but he would have to wait for the German to retire before finally getting his hands on an elusive world title.

Ferrari chose Raikkonen as Schumacher's replacement in 2007, hiring him for a reported $41 million.

He soon earned his corn, bringing the drivers' title back to Ferrari after seeing off Hamilton by a single point.

Ferrari has now returned to Raikkonen for a quick fix as the Scuderia desperately seeks to rein in the all-conquering Red Bull team.

Raikkonen, who turns 34 in October, will not be able to offer a long-term solution -- but Ferrari chiefs are gambling on the fact that given the right car he will deliver, and deliver quickly.

Via: Raikkonen returns to Ferrari in 2014

Vettel breaks Ferrari hearts at Monza

(CNN) -- Sebastian Vettel dashed Fernando Alonso's hopes of delivering a home victory for Ferrari at Monza with another commanding drive to win the Italian Grand Prix Sunday.

The three-time defending champion secured his sixth win of the season after starting on pole position, relegating Spain's Alonso to second place.

Vettel's Red Bull teammate Mark Webber finished third ahead of the second Ferrari of Brazilian Felipe Massa.

The victory extended Vettel's advantage in the world title race over Alonso to 53 points with seven rounds remaining.

Britain's Lewis Hamilton, who was forced to start from 12th after a poor qualifying session Saturday, could only manage ninth spot, but remained in third place in the standings, 81 points adrift.

Read: Vettel's caution despite practice dominance

Vettel's only significant problem was self imposed as he flat spotted his front right tire after breaking too sharply into the first corner of the race.

Under pressure from Massa, the 26-year-old German was desperate to hold on to his lead after the traditional flat out start at Monza.

Two time champion Alonso, back in fifth on the grid after his difficulties in qualifying, quickly worked his way up to third before Massa gave way to him under team orders.

Vettel was able to nurse his tires until the first and only round of pit stops for the leading contenders without coming under serious challenge.

Alonso was briefly challenged by Webber until the Australian was ordered to back off because of gear selection problems, which were also problematic for the leader Vettel.

Read: Alonso shows Ferrari frustrations

But he took the checkered flag 5.4 seconds clear of Alonso to take an even firmer grip on the championship he has dominated for the past four seasons.

Vettel was only too aware that his victory was unlikely to be welcomed by the tifosi diehards who had flocked to the circuit in northern Italy to support their beloved Ferrari.

"It was a fantastic race, but you can hear the difference when you don't win here in a red suit," Vettel said.

"But this means you have done well and beaten the red men!

"The race was terrific for both of us as we had problems with the gearboxes at the end, but I was ok because I had a good cushion. It is a fantastic win."

Alonso acknowledged there was little he could do to prevent the 32nd victory of Vettel's career.

"Second place is good and to have this podium ceremony which is the most spectacular podium of the year," he said.

"Hopefully we'll come back next year and have first place. Every time I am here this podium and this experience is more and more special."

Read: Di Resta reveals Ferrari dream

Outside the front runners, Germany's Nico Hulkenberg underlined his reputation as one of the most promising young drivers on the grid with an excellent fifth place in the uncompetitive Sauber.

His compatriot Nico Rosberg finished sixth for Mercedes ahead of Australian Daniel Ricciardo of Toro Rosso, who will replace Webber at Red Bull next season.

Romain Grosjean of Lotus held off the fast-charging Hamilton for eighth, while Britain's Jenson Button earned a single point for McLaren, who were celebrating their 50th anniversary as an F1 team.

Hamilton, who had to contend with a slow puncture which meant an extra pit stop, conceded his title hopes were over.

"It's awful when you are just empty of energy and have given everything for just two points -- and that's it for the championship now," he told BBC Sport.

The F1 circuit will now depart Europe for the next round under the lights on the spectacular street circuit in Singapore with Vettel in prime position for a fourth straight title.

Via: Vettel breaks Ferrari hearts at Monza

Fernando shrugs off Ferrari frustration

(CNN) -- On the face of Saturday's qualifying results, Ferrari's hopes of closing the gap on the all-conquering Red Bull at the Italian team's home grand prix seem as distant as they have most of this season.

Fernando Alonso will start Sunday's race at Monza fifth on the grid, and a place behind teammate Felipe Massa, while Sebastian Vettel and Mark Webber will have the front row to themselves.

Alonso, 46 points behind Formula One championship leader Vettel, had appeared to make up ground on the German in the morning practice session but qualifying did not go to plan.

The Spaniard had hoped to use "towing" tactics behind Massa to boost his lap times, but the Brazilian got too far ahead in the third session and ended up setting a faster pace.

F1 interactive: Explore Monza

Alonso was heard complaining on his team radio, "Felipe is too far away!" -- and then reportedly called his crew "idiots," though he said it was actually "geniuses."

However, the two-time world champion later downplayed the incident and insisted he was happier this weekend than after the previous race in Belgium, where Alonso qualified ninth and Massa 10th.

"Here at Monza the slipstreaming strategy is often used: having a car three to four seconds ahead of you allows you to gain a few tenths and for that I must thank Felipe, especially in Q3 when I came up behind Vergne's Toro Rosso and he waited for me," Alonso, Alonso, who won the race for Ferrari in 2010 and McLaren in 2007, said on his team's website.

"The radio messages have been misunderstood, as is often the case when you don't experience something first hand: the word 'genius' refers to the fact that we could have got out before Rosberg had gone by on his quick lap, but this should not raise any doubts about the impeccable job from the whole team.

"Today, we were able to run competitively in all three sessions and get closer than ever before to the rear wings of the Red Bulls. For the first time, there are not so many cars between them and us."

Read: Vettel sets pace in Monza practice

Nevertheless, Alonso's best time of one minute 24.142 seconds was well adrift of Vettel's 1:23.755, while Webber clocked 1:23.968.

Vettel is seeking his third victory at Monza, having won there in 2008 with Toro Rosso and again in 2011 on the way to his second of three consecutive world titles.

"We didn't expect to be so strong here, with both cars on the front row," he said after earning his fourth pole this season.

"We've had years where we've had a good car, but not a car that's competitive in low downforce trim, so in that regard we did our homework."

Read: Scot's Italian roots, Ferrari 'dream'

Nico Hulkenberg, whose Sauber is powered by a Ferrari engine, provided the surprise of the day as he clinched third place on the grid in 1:24.065.

"I didn't expect that after a very difficult Friday," said the German, whose teammate Esteban Gutierrez qualified 17th but will start a place higher following Adrian Sutil's penalty.

"Yesterday we struggled a lot with the car and the guys have done a fantastic job turning it around to give me such a competitive car today."

While Hulkenberg boosted his chances of a best finish since placing eighth in Malaysia in March, Mercedes boss Ross Brawn lamented his team's worst qualifying performance this season.

Lewis Hamilton missed final qualifying for the first time in 67 races, and will start 12th on the grid after his run of four successive pole positions ended in miserable style.

Read: Alonso saves cycling team

Nico Rosberg was back in sixth, having missed most of the morning practice due to hydraulics problems.

"That was our worst qualifying session of the year," Brawn said. "With the standards we set ourselves, that makes this result a real disappointment."

Hamilton refused to blame Sutil for the incident that cost the Force India driver a three-place penalty, demoting the German to 17th as punishment for impeding the British driver as he tried to set a timed lap.

"I just didn't get a lap together in Q2 today and it's hugely disappointing, not just for me, but also for the team and I can only apologize to them as we had a quick car today," said the 2008 world champion, who won the race last year while at McLaren.

"I came off at Parabolica on my first run which damaged the car and it was a downward spiral from there really."

Read: McLaren's 50 years in F1

Daniel Ricciardo, who will replace his fellow Australian Webber at Red Bull next season, bounced back from a difficult Friday by qualifying seventh for Toro Rosso -- his teammate Jean Eric Vergne was 10th.

McLaren's struggles continued, with Sergio Perez eighth and 2009 world champion Jenson Button ninth.

Kimi Raikkonen's title hopes receded even further as the Finn was back in 11th for Lotus, with teammate Romain Grosjean 13th.

Via: Fernando shrugs off Ferrari frustration

Vettel sets the pace in Monza practice

(CNN) -- Red Bull's Sebastian Vettel urged caution ahead of this weekend's Italian Grand Prix, despite a dominating performance which underlined his position at the top of the world championship standings.

Formula One's triple defending champion went fastest in practice ahead of Sunday's race at the Monza circuit with a lap of one minute and 24.453 seconds, over a half a second clear of his teammate Mark Webber.

Vettel, who is 46 points clear of second-placed Fernando Alonso of Ferrari in the drivers' championship, expects a keen battle for pole position in Saturday's qualifying session.

Fasten your seat belts: A guide to Monza

"It was a good day, but it is still only a Friday," the German, a two-time winner of this race, told reporters.

"It looks tight. If you look at it too much it can be a distraction, but I think it will be a close qualifying with many cars up there.

"Tomorrow, I expect it to be close. It is a short lap and there are not too many corners -- so not that much you can do right, and not much you can do wrong."

Red Bull announced earlier this week that Daniel Ricciardo, currently driving for Red Bull's sister team Toro Rosso, will replace Webber in 2014 when his fellow Australian quits F1 to race in the Le Mans series for Porsche.

Read: Paul di Resta reveals Ferrari dream

"Although we're quite competitive, we're not quick enough yet and will have to work hard tonight to see where we can make some improvements," said Webber.

"Of course we don't know what fuel loads other teams are on so we'll have to wait and see but there is a bit of work for us to do if we want to compete right at the front tomorrow."

Ricciardo, however, was off the pace -- 13th in the first session and 17th in the second.

"Unfortunately, we seem to have gone in the wrong direction," the 24-year-old said. "Having run only the hard (tires) in the morning, in the afternoon, I did not set a competitive time on the medium.

"I did make some mistakes and I will admit to that, but there were too many of them so we definitely need to get the car to suit me a bit better. At the moment, it's on a knife edge."

Lewis Hamilton won this race with McLaren in 2012, but a repeat performance with his current team Mercedes looks unlikely.

The 2008 world champion could only go sixth fastest in the afternoon session after setting the pace in the morning, just ahead of seventh-placed teammate Nico Rosberg.

Read: F1 star Alonso saves cycling team

"Although we're quite competitive, we're not quick enough yet and will have to work hard tonight to see where we can make some improvements," said the Briton.

"Of course we don't know what fuel loads other teams are on so we'll have to wait and see, but there is a bit of work for us to do if we want to compete right at the front tomorrow."

All eyes will be on Alonso at Ferrari's home grand prix. The Spaniard registered the fifth fastest lap time, behind the Lotus duo of Kimi Raikkonen and Romain Grosjean.

Alonso's teammate Felipe Massa was eighth fastest, with McLaren's Jenson Button and Sergio Perez rounding out the top 10.

Via: Vettel sets the pace in Monza practice

Grand Prix of America 'is off'

Editor's note: Christian Sylt is the co-author of Formula Money, an annual report examining all aspects of F1's finances with detailed data on teams, drivers, sponsors and races.

(CNN) -- Formula One boss Bernie Ecclestone has revealed that the inaugural Grand Prix of America in New Jersey will not take place as planned next year, saying the organizers have not raised enough money to fund it.

Raced at 19 circuits around the world, F1 generates more than $4bn in revenues annually.

The final 2014 calendar will be approved by motorsport's governing body, the FIA, in December but new races need to have financing in place by now to ensure their plans are on track.

It was recently revealed that the Grand Prix of America organizers appointed investment bank UBS in June to raise $100 million which is required for the race to go ahead.

But Ecclestone told CNN that they have run out of time.

"It's not on the cards for next year," he said, adding that the problem is "they haven't got any money."

Read: F1 car 'sings' U.S. national anthem

However, Grand Prix of America spokesman Alex Howe insisted they expected the race would go ahead.

"We don't comment on financial matters but we are on track for 2014 and will have a statement following the announcement of the official 2014 FIA Formula One World Championship schedule," said the spokesman.

The race was planned to take place on 3.2 miles of public roads in Port Imperial, a district in the New Jersey towns of West New York and Weehawken. It snakes alongside the Hudson river and would give the race a spectacular backdrop of Manhattan's historic skyline.

It has already been postponed once, having been initially scheduled for June this year. The wheels started to come off in August 2012 when Tom Cotter, the president of the race, unexpectedly resigned.

Ecclestone put the brakes on it later that month when the organizers missed payment deadlines in their contract with the F1 Group. The Grand Prix of America is the only new F1 race for over 15 years to be dropped from its slot on the calendar.

It is also a rare example of a race which was given an F1 contract without having the required funding in place. The most well-known previous example was that of English circuit Donington, which had a 17-year contract to host the British Grand Prix from 2010. Instead, the race stayed at Silverstone after Citigroup failed to raise the 135 million ($210 million) required to fund necessary improvements to Donington.

Read: F1 revs up for thrilling end to season

Ecclestone said the situation in New Jersey "is like Donington all over again" and added that "it is such a muddle and a mess that it is not worth doing."

He said he originally signed the deal because he believed that the race's promoter -- Leo Hindery Junior, managing partner of private equity fund InterMedia Partners -- would be able to raise the required funds.

"The guy is a multibillionaire and is well-known in New York," Ecclestone said.

Grand Prix of America spokesman Howe declined to comment when asked for a specific response to Ecclestone's view that the situation in New Jersey was in disarray.

Construction on the New Jersey site is well under way, and last year three-time world champion Sebastian Vettel and former F1 driver David Coulthard drove demonstration runs on the circuit for the Red Bull team. However, a lot of the work has focused on the pit building in a new block of garages which was already planned to be built.

The plans are close to Ecclestone's heart as he has been trying to hold a Grand Prix in the New York area since the 1980s. He has already provided more support to the New Jersey race organizers than their rivals usually receive.

Read: F1 perfects formula for financial success

After tearing up the original contract last year, Ecclestone signed a new 15-year agreement in May when the organizers agreed to hire Chris Pook, one of his close confidantes and former chief executive of F1's American motorsport rival IndyCar. Pook works alongside Hindery, who was the first investor in the race.

In 2011 Hindery provided the initial $10.3 million investment in race organizing company Port Imperial Racing Associates (PIRA) and obtained an additional $10.1 million loan.

In April this year the F1 Group itself provided the company with a credit facility personally guaranteed by Hindery, but it still needs $100 million to get the green light.

F1 races require a high-octane level of investment. Tracks typically cost over $250 million to build, but using public roads avoids this expense.

The downside is that there is no asset for investment to be secured on, so the budget for street races is usually supplemented with state funding. However, Hindery has confirmed that no public money will be used in the project.

The race is part of F1's strategy to break into the lucrative United States market, which is dominated by local rivals NASCAR and IndyCar.

Gaining a foothold there is understood to be an important part of revving up the stalled plans to float F1 on the Singapore stock exchange.

Read: F1 reborn in the USA

Stateside television coverage of F1 moved this year to the sports division of NBC, the oldest major broadcast network in the U.S., and the U.S. Grand Prix returned to the calendar in 2012 after a five-year hiatus.

It takes place in Austin, Texas, and a further race in California is also under consideration.

Losing the New Jersey race could cost F1 more than $375 million across the duration of its contract, as the annual fee has been estimated at $25 million with a small escalation every year.

However, the investment opportunity overview produced by UBS in June states that the Grand Prix of America contract gives the organizers "exclusivity for all F1 races across the northeast corridor" so the vacant calendar slot could be filled by another new race in the area.

Ecclestone is also known to be in discussion about a Grand Prix in Mexico City, which would also plug the gap left by New Jersey.

Meanwhile, in other F1 news Friday, world champion Sebastian Vettel set the fastest time in practice for the Belgian Grand Prix at Spa.

Vettel recorded a time of one minute 49.331 seconds, just edging Red Bull teammate Mark Webber by 0.059 seconds.

Romain Grosjean, in third for Lotus, was almost a second slower in the afternoon session, while Britain's Lewis Hamilton, who won the previous round in Hungary for Mercedes was only 12th quickest.

Vettel achieved his time despite missing the last 20 minutes of the session with a rear puncture which left the tire shredded.

Two-time world champion Fernando Alonso of Spain was quickest in the morning runs for Ferrari in wet conditions.

Saturday sees final qualifying for Sunday's race, with three-time defending champion Vettel defending a 38 point lead over Grosjean's teammate Kimi Raikkonen of Finland in the title race.

Via: Grand Prix of America 'is off'

Paul di Resta reveals Ferrari 'dream'

(CNN) -- Monza may be a long way from his birthplace in West Lothian, Scotland but Italy is unquestionably a home from home for Paul di Resta.

The Force India driver's Italian heritage stems from his octogenarian grandfather, Felice who moved to Scotland from the village of Corigliano (an hour's drive north of Naples) during his mid-twenties.

But as di Resta prepares for this weekend's Italian Grand Prix, attention isn't so much on the 27-year-old's past but his future and whether he will join Ferrari next season.

Uncertainty surrounding Felipe Massa's future -- the Brazilian's contract with the Ferrari F1 team expires at the end of the season -- could mean di Resta's long-harbored dreams of driving for the Italian marque come true sooner than he expects.

"When I was growing up, the Ferrari domination was the biggest thing in Formula One and equally my dad had a Ferrari so the red, with the Italian, the combination, it's always been a dream," Di Resta told CNN ahead of Sunday's race.

"It's always the thing I wanted to drive, the car. It sticks out and there is something very special with the prancing horse on the front.

"If I could get that opportunity one day I better grab it with both hands and certainly enable me hopefully to win races and win championships and gain my reputation in F1, one day to look back on.

"But winning races and winning championships is the important bit and that's the ladder that I'm trying to work my way up to at the moment."

Read more: Interactive circuit guide

As a young child Di Resta would frequently travel to Italy for family holidays and his connection with the country provides an added attraction to driving at Monza.

"It's nice to come back and actually see your roots, where it all originated," the Force India driver told CNN.

"To be racing on a second home soil, if you want to say for me, it probably makes it that extra little bit special."

"I've been here obviously lots (as) a young child growing up and (on) family holidays. Equally, when I've been karting back in the day ... we'd always come and stay here for a few days after the race and just to come and see everyone and get to know them," he says.

"But it's a bit of a surprise each time you come back. Italian families grow quite fast and there's a lot of young children and a lot of people who make me feel old now!"

Read more: Red Bull choose Ricciardo

A retirement at last month's Belgian Grand Prix at Spa cannot detract from what has been the Scot's most successful season since joining Formula One in 2011. Seven top ten finishes, including a fourth place at Bahrain in April, have helped di Resta to 10th place in the drivers' championship.

"The season so far has been a very positive one for Force India," added di Resta. "To date, it's the most points we've scored. We were fifth in the Constructors' Championship until the last race, unfortunately we lost out to McLaren but it's been difficult with the tire construction change recently. But we're hopeful we can certainly bounce back and Monza is one of the places that generally suits our car."

Read more: Alonso saves cycling team

The historic track located a few miles north of Milan is comfortably the fastest on the calendar, with cars going in excess of 340 kph (211 mph) in certain sections.

"I think what really stands out from other grand prix is that it's a completely different downforce. It's all about top speed," di Resta explains.

"The car is moving about a lot -- a lot more than it normally would -- and it usually generates some excellent racing. And to date it's my best qualifying. I qualified fourth, so (I have) high hopes for doing something special this year."

Read more: McLaren celebrate 50th anniversary

A first podium finish would propel the hungry Scot into uncharted territory and provide further evidence of his capabilities in Ferrari's own back yard. But for now, he's enjoying the familial atmosphere at Force India.

"I think we, as a team, have punched way above our weight in terms of what resources we have and what we've achieved. It's more of a family unit ... The way the team works at the moment is exceptional."

Via: Paul di Resta reveals Ferrari 'dream'

Alonso saves Spanish cycling team

(CNN) -- Formula One's highest-paid driver Fernando Alonso is splashing out on his own team but his new venture relies on pedal power instead of horsepower.

The double Formula One world champion, who earns over $30 million a year according to Forbes, has decided to save the cash-strapped Spanish Euskaltel Euskadi cycling team.

"We are pleased to announce that the Spanish sportsman has reached an initial agreement to buy the cycling team and so avoid its demise," said a statement on Alonso's personal website.

Euskaltel added in a statement: "During the next few weeks negotiations will be finalized [to] formally give Alonso the acquisition of Basque Pro Cycling, which owns the team.

"The agreement guarantees the continuity of the Euskaltel Euskadi team in the elite of world cycling from 2014.

"This guarantees a new future... Euskaltel wants to thank and emphasize respect, understanding and love that Fernando Alonso has shown for the team, its practitioners, its historical legacy and his hobby."

Euskaltel Euskadi was famous for only employing riders born in the Basque region of northern Spain -- as well its bright orange cycling lycra team kit.

The team changed its selection criteria in 2012 and now employs riders from other regions of Spain as well as Slovenia, Morocco, Germany and Russian.

But the team feared it would have to quit cycling's World Tour at the end of the 2013 season after losing sponsorship from the Basque authorities because of the economic downturn in Spain.

The team confirmed to CNN that Eustkaltel, the leading telecommunications company in the Basque region, had paid more than 7m euros to keep the team going in 2013 but could not afford to continue to fund the team alone next season."

Alonso's decision to step in and spend some of his annual salary from Ferrari has effectively saved the team.

The racer has been motivated by patriotism as well as his other passion -- cycling.

Two-wheeled racers

The 32 year old Spaniard regularly cycles as part of his training regime and he is not alone in his passion for cycling within F1's fraternity.

Red Bull racer Mark Webber is also a keen amateur cyclist, although the Australian broke his leg after being knocked off his bike before the 2009 F1 season.

McLaren's Jenson Button and Mercedes driver Nico Rosberg both ride as part of their triathlon training while French four time world champion Alain Prost says cycling has become his "all consuming passion" since quitting F1.

Alonso, who chose to move back from Switzerland to Spain in part to help his homeland through its economic crisis, now plans to help turn around the fortunes of the Euskaltel team.

"As of today we will start to work against the clock," the statement on the racer's website said.

"With maximum effort and humility, and transferring the best of our professional experience, in order to be capable of starting the first races of the 2014 season with a new team, full of desire and with a fighting spirit."

Via: Alonso saves Spanish cycling team

Australian Ricciardo lands Red Bull drive

(CNN) -- Australian Daniel Ricciardo has landed a drive with all-conquering Red Bull for the 2014 season, the team said Monday.

The 24-year-old, who is currently with Red Bull's sister team Torro Rosso, will replace his compatriot Mark Webber, who is quitting F1 to race sportscars.

The announcement ends speculation that former world champion Kimi Raikkonen would be leaving Lotus for the reigning constructors' champions.

Red Bull team chief Christian Horner said he was delighted that Ricciardo would be teaming up with three-time defending champion Sebastian Vettel.

"He's a very talented youngster, he's committed, he's got a great attitude and in the end it was a very logical choice for us to choose Daniel," he said in a statement.

"He's got all the attributes that are required to drive for our team: he's got a great natural ability, he's a good personality and a great guy to work with.

Read: McLaren celebrates 50 years in F1

"Daniel knows what the team expects from him; he'll learn quickly and it's very much a medium to long term view that we're taking in developing him."

Ricciardo has been groomed by Red Bull since joining Torro Rosso, claiming 21 points from 41 Grand Prix races.

He started in F1 with the HRT team in 2011.

Ricciardo is following in the illustrious footsteps of Germany's Vettel, who also learned his trade with Torro Rosso before joining Red Bull in 2009.

The announcement comes ahead of this weekend's Italian Grand Prix, with Vettel again holding a commanding advantage over Fernando Alonso of Ferrari in this year's title race.

Via: Australian Ricciardo lands Red Bull drive

McLaren celebrates 50 years in Formula One

(CNN) -- Bruce McLaren was eerily portentous when he made his famous statement: "I feel life is measured in achievement not in years alone."

His eponymous McLaren Formula One team celebrates its 50th anniversary Monday, some 43 years after the New Zealander was killed on the racetrack.

McLaren was only 32 years old when he died testing a car for the Can-Am championship but in his short life he broke new ground in motorsport as a popular racer, team manager and forward-thinking engineer.

His legacy races on today as the McLaren race team -- winners of a record 182 grands prix and eight team titles in motorsport's elite F1 series.

McLaren has also powered a stellar cast of seven world champions including Brazilian hero Ayrton Senna, French four-time winner Alain Prost and the 2008 world champion Lewis Hamilton.

But for McLaren, the man, it all began at a kitchen table growing up in Auckland.

"Motor racing was in my blood," McLaren explained in his autobiography published posthumously on his website.

"How Mum put up with Dad and me with her kitchen table covered in bits and piece of the engine I will never know."

As a child Bruce honed his racing instincts by holding wheelchair races in the grounds of the hospital where he was recovering from a hip disease which left him with a lifelong limp.

But once fully recovered he had made the transition to cars by the age of 14.

In 1958 he left for England to make his F1 debut at the German Grand Prix in a Cooper-Climax.

During the following season, McLaren became the youngest driver to win an F1 race at the U.S. Grand Prix -- a record now held by Red Bull's record-breaking world champion Sebastian Vettel.

McLaren, who had more on his mind than racing, had also studied engineering in England and in 1963 he established the Bruce McLaren Motor Racing team, initially to build cars to compete in Australia and New Zealand.

His eponymous McLaren marque made its F1 debut on the streets of Monaco in 1966 and two years later McLaren took his orange racer to its first victory at the Belgium Grand Prix.

Name on the nose

The speed of McLaren's first victory is amazing given that the teams who joined F1 in 2010 are still to win their first point.

"I didn't know [I had won]!" McLaren said at the time. "It's about the nicest thing I've ever been told.

"I had won a Grand Prix in a car with my name on the nose."

McLaren would go on to win 181 more races in F1 -- more than any other team in the history of the sport.

The current staff at the team headquarters in Woking, England celebrated that winning mentality and fired up some of the team's historic cars as part of the anniversary celebrations Monday.

"McLaren started as the dream of one man, and it's since grown to encompass the hopes and dreams of more than 2000 men and women, who work as tirelessly as Bruce McLaren himself once did," said McLaren Group chairman Ron Dennis.

"[They] ensure that everything we do reflects well when compared with everything we've ever achieved.

"Our 50th anniversary provides an opportunity for every single McLaren employee to realize that he or she is an utterly crucial part of an organization with a history and a culture that really mean something.

"Call it McLaren's DNA... Call it McLaren's undiminished hunger to win in everything we do."

The team's slogan is: "We exist to win," and it is a mantra often repeated by current McLaren team principal Martin Whitmarsh, even when the team has struggled to compete with its rivals Red Bull, Ferrari and Mercedes.

McLaren, who also plan to celebrate their anniversary at the upcoming Italian Grand Prix, do not have a car capable of winning races in 2013.

Appetite for winning

Drivers Jenson Button and Sergio Perez have also not been on the podium, representing a backwards step from the 2012 season when the team ended the season with the fastest car.

Button, however, remains confident the McLaren powerhouse will turn around their F1 fortunes, especially with a significant rule change on the horizon in 2014.

"I firmly believe this team will be great again," said Button, who has won eight races since joining McLaren in 2010.

"This is an organization you can never discount -- their appetite for winning is unlike anything I've ever seen and, rest assured, we will be back at the front soon."

While the team's founder may have been driven by his racing ambitions the company now does not rely on success in F1 alone.

Dennis, who merged his own race team with McLaren in 1981, has been an influential driving force behind the modern McLaren brand.

The company, which also has Bahraini and Saudi Arabian shareholders, not only competes in F1 but produces luxury sports cars while McLaren Applied Technologies has seen F1 technology cross over in medicine and the military. The team even create its own cartoons.

McLaren may be measuring 50 years since the fresh-faced Bruce McLaren decided to build his own cars and go racing -- but the team have followed their founder's mantra by marking their achievements in more than just numbers.

Via: McLaren celebrates 50 years in Formula One

Lorenzo outduels Marquez at Silverstone

(CNN) -- A dislocated shoulder suffered in the warm-up wasn't enough to stop Marc Marquez from competing at the British MotoGP but the surging rookie saw his winning streak snapped by Jorge Lorenzo in a thrilling finish.

Marquez overtook Lorenzo during the final lap at Silverstone only for the reigning world champion to slip inside his fellow Spaniard after he uncharacteristically went wide on a turn.

Marquez, who began on pole, thus failed in his bid to claim a fifth consecutive victory.

"As usual Marc pushed in the last laps and overtook me but I didn't want to lose this race," Lorenzo told the BBC. "When he overtook me three corners from the end, I thought it was over.

"But he opened a little space and I said, 'Now or never.' I'm very, very pleased."

The race was similar to last week's Czech Grand Prix, when Honda's Marquez stayed behind Yamaha's Lorenzo before making a late charge.

Read: Marquez makes history in Brno

On Sunday Lorenzo moved ahead of Marquez yards after the start -- they appeared to make contact side by side -- and held the advantage until he was passed with three laps remaining.

Lorenzo quickly regained the lead but it looked as if Marquez would once again come out on top as the racers neared the finish line.

Lorenzo ultimately had the last word.

"Anyway the battle was so nice with Jorge," Marquez told the BBC. "Just the last corner I went a little bit too wide because I went too fast."

Despite the second-place result Marquez increased his lead in the individual standings to 30 points over teammate Dani Pedrosa, who settled for third.

Lorenzo's deficit with six races to go was reduced from 44 points to 39.

Marquez's spot on the grid was in doubt when he crashed in cooler conditions ahead of the race but he was soon patched up and ready.

He said, though, that the injury made things difficult when he changed direction. Lorenzo and Pedrosa have had to contend with their own shoulder injuries this season, helping Marquez.

There was drama, too, in the battle for fourth, with crowd favorite Valentino Rossi passing Alvaro Bautista in the late stages.

Another crowd favorite at Silverstone, home hope Cal Crutchlow, came away disappointed after coming seventh. He started third on the grid.

Via: Lorenzo outduels Marquez at Silverstone