December 16, 2010 – It may have been a little premature to write an obituary for the Australian-based Pegasus Sports cycling team according to a report in Wednesday’s The Age. The team looked like it had met its demise earlier this week after American financier George Gillett Jr. walked away from the deal.

But the Pegasus Sports’ top executive, Chris White, told The Age that he, “…had closed the funding gap,” without specifying who was providing alternate funding. We do not know who has furnished financial salvation, but all indications are that it is from Australian sources and White referred to, ”mateship at its best.” He also expressed optimism that once a bank guarantee was secured, that all of the UCI paperwork would be back on track to being registered as a Professional Continental Team for the 2011 season. Canadian rider Svein Tuft signed with Pegasus for 2011.

The name George Gillett Jr. might sound familiar to Canadians; in 2001 Gillett bought an 80% interest in the Montreal Canadiens NHL team and their home arena, the Bell Centre for US$185 million according to Wikipedia. In 2009, Gillett had sold the Canadiens, the Bell Centre, and the Gillett Entertainment Group for a reported $550 million. Since then, Gillet has been also involved with the Montreal Impact soccer team. Pedal readers from England will recognize Gillet’s name from his controversial ownership of the Liverpool Football Club.

Read more on this story here and on George Gillett Jr. here.