31-year-old Bakelants was on the descent of Sormano during Saturday’s monument when he crashed.
The team confirmed the incident occurred at exactly the same place where Laurens De Plus, of Quick-Step Floors, was seen on TV footage smashing into a barrier and falling into a ravine.
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De Plus' fall was said to have been partially broken by a tree and his team later confirmed he had escaped without serious injury.
But Bakelants' fall was more severe, with his team confirming that he "fell into the ravine below".
A doctor at Como Hospital subsequently revealed his condition via a statement on the AG2R website:
"Jan Bakelants is in stable condition. He is conscious and has no difficulty breathing or moving. After an x-ray and CT scan, the following injuries have been detected:
"Seven rib fractures, though without any impact on the lungs.
"A fracture-compaction of the first lumbar vertebra and the third lumbar vertebra, the latter of which will require additional examination. An MRI will be carried out tomorrow."
Simone Petilli and Daniel Martinez both also crashed on the same corner, with Martinez of the Wilier Pro Cycling team picking up just minor injuries.
Unfortunately Petilli suffered a host of more serious injuries in his fall, with UAE Team Emirates saying in a statement:
Simone Petilli was transferred to the hospital Circolo in Varese, where he was joined by Dr Corsetti, team’s doctor: he suffered a concussion, the fracture of the right occipital condyle, the fracture of the right tranverse process of the D1 vertebra, the broken right collarbone and the broken right shoulder blade, in addition to wounds near the right eye.
The descent was described by Quick-Step Floors cyclist Dan Martin as "one of the most dangerous downhills of any WorldTour racing event".
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