Brisbane: The International Cycling Union (UCI) today announced that Pegasus Sports will not receive a UCI Professional Continental license for 2011.

The team’s status was in doubt after its major financial backer withdrew on the eve of the UCI’s license application deadline, leaving the organization scrambling to find other sources of funding.

“We are shocked that the license was denied,” stated Chris White, Pegasus Sports CEO. “The team was already prepared for the 2011 season and we worked really hard after the news from last week. Significant cost reductions were made and additional sponsorship both from within our existing sponsor base and an external group was gathered, in order to stabilize the team financially in the short term. The people within the organization were at the center of this action and commitment, which is a real testament to the mateship within the team. We do not want to give up. The team is exploring whether there are other options for next year.”