The International Cycling Union (UCI) earlier 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 which would enable the team to compete in the 2011 season.

"We are shocked that the license was denied," Chris White, Pegasus Sports CEO commented.

"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 stabilise the team financially in the short term," White continued.

White concluded "The people within the organisation were at the centre 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."