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Yahoo Finance Canada reported that Formula One world champion Fernando Alonso has partnered with an investment group with an eye toward investing in cycling companies.
NOVO Group Holdings, a company founded last year to develop, acquire, and manage assets in sport, announced a partnership with Alonso on Tuesday.
Rumors have swirled for months about a possible WorldTour team organized by Alonso, but as of yet, no concrete plans have emerged.
“We want to create a competitive, sustainable team franchise that is loved and admired for its innovation, transparency, and commitment to social responsibility,” said NOVO managing partner Nathan Pillai. “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.”
However, the press statement did not include any specifics as to what sort of progress was expected in the coming days or months.
Alonso indicated that at the outset, he may be focused more on finding product manufacturers to join the venture.
“I’m thrilled to be part of this new venture,” said Alonso. “I get to indulge my passion for cycling and obsession with technology and design with likeminded people.”
Pillai also indicated NOVO’s interest in products, saying, “We see opportunities in high-performance products, wearable technologies, and content that serve these segments.”