Brisbane: Pegasus Sports was notified by its principal financial backer that financial support for the Pegasus Sports Professional Cycling project had been retracted. As a result of these changed circumstances, Pegasus Sports was not issued a Professional Continental license by the UCI Licensing Commission as expected on Friday, December 10, 2010. The UCI Licensing Commission has granted the Pegasus Sports’ license application an extension until Wednesday, December 15, 2010.

Pegasus Sports is currently working with a number of parties to secure the necessary funding to guarantee the project’s future and ensure the UCI’s requirements for a Professional Continental license are met in accordance with the UCI’s revised time line.

“The current reports by some media outlets that the Team has folded are not correct. Pegasus Sports CEO Chris White said. “I have not spoken to any of these media outlets and what is being currently reported is false and most detrimental to a very exciting project. All people associated with the Team are aware of the true circumstances and we continue to work towards meeting the UCI deadline.”