Pegasus Sports, the company behind the pro cycling Team Pegasus, earlier today reported that it has been notified by its principal financial backer of the fact that financial support for the Pegasus Sports Professional Cycling project has been retracted.

As a result of these changed circumstances, Team Pegasus was not granted a Professional Continental license by the UCI Licensing Commission as expected last Friday. The UCI Licensing Commission has, however, granted Pegasus Sports and its licence application an extension until Wednesday, December 15, 2010.

According to a team spokesman, Pegasus Sports is currently working with a number of parties to secure the necessary funding to guarantee the project's future and ensure that the UCI's requirements for a Professional Continental license are met in accordance with the UCI's revised timeline.

"The current reports by some media outlets that the team has [already] folded are not correct,"  Pegasus Sports CEO Chris White commented.

"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 [Pegasus] are aware of the true circumstances and we continue to work towards meeting the UCI deadline," White concluded.