Pegasus Sports team manager Hendrik Redant is remaining hopeful that the squad will pass the UCI's deadline of Wednesday to prove it has the financial means to continue into the 2011 season.
While the majority owner and equity backer has withdrawn its support for the project, Pegasus Sports CEO Chris White says he's hopeful he'll be able to secure a sponsor by the December 15 deadline.
Meanwhile, Redant has expressed his shock at the situation, telling Belgian sports daily Sporza: "I have just returned from an internship in Australia and there was not a cloud in the sky. This is really a bolt from the blue.
"The manager is now busy re-arranging some things so that the budget was simply wrong. It is possible that we will have to surrender, but I think everyone will be behind it because we believe in this project," he added.
"I have good hope, but am also realistic. He's not someone with just a few million [dollars] in his hands."
Redant signed on in his position with Pegasus Sports during the year after a long stint at Lotto in its various incarnations. He's aware of the consequences should the necessary guarantees not be met tomorrow.
"If the UCI is still denying us [a Pro Continental licence] on Wednesday, 50 people are in trouble. I am one of them. But right now I believe in it."