Pegasus Still Based On Myth
Withdrawal of Financial Backing and Denial of License Temporarily Grounds Inaugural Flight of Pegasus Sports
All the pieces seemed to be falling into place for Pegasus Sports as recent events saw the signing of high profile stalwarts of the professional peloton and an incorporation of young up-coming talents. But, the would-be flight of the Australian based cycling team came to resounding thud this past week as Pegasus Sports' main financial backer decided to pull out of the sport all together, and the Union Cycliste Internationale (UCI) denied the team's application for Pro Continental status.
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by its principal financial backer that financial support for the Pegasus Sports Professional Cycling project had been retracted.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 team; however, was granted an extension until Wednesday, December 15, 2010 to sort it all out.
Pegasus Sports worked feverishly to secure the necessary funding to guarantee the project's future and ensured that the UCI's requirements for a Professional Continental license were met in accordance with the UCI's revised timeline, but their efforts would go unrewarded as the UCI announced today that Pegasus Sports will not receive a UCI Professional Continental license for 2011.
“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.”
Related Posts:
Leave a Response
Entries(RSS)