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December 12/10 22:23 pm - Pegasus Sports Loses Financial Backing

Posted by Editoress on 12/12/10

Svein Tuft's team, Pegasus Sports is in dire financial straits, and has until Wednesday to secure funding acceptable to the UCI, or it will not be issued a Pro Continental licence.  The team has already be given an extension by the UCI from the normal closing date for applications.

In an interview earlier today, Canadian Cyclist brought this subject up with Steve Bauer of SpiderTech powered by C10 (who have been issued the Pro Continental licence), as to whether SpiderTech would be interested in picking up Tuft.  Bauer's response was that they would love to add him to the team, but that there was sure to be a competition for his services.

The official Pegasus release:

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by its principal financial backer that financial support for the Pegasus Sports Professional Cycling project had been retracted.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' licence 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 timeline.

"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."


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