More explanation from the UCIhttp://www.uci.ch/Modules/ENews/ENewsDe ... LangId%3D1
Fair enough - Sounds like Mr White is a chancer.
or the UCI, the failure of Pegasus Sports is very bad news, but that cannot however affect the rigorous work our Federation carries out for cycling, or the respect that is due to all those who have fulfilled their obligations according to the regulation.While waiting to learn of the reasons for the decision announced by the Licence Commission on 20th December, the UCI can however presume that the refusal to register Pegasus Sports is based on a financial aspect, given the serious shortcomings the formation had presented.
I can't see how it can be said with any certainty that Chris White has duped people and how the UCI can make public statements based on presumptions. There can be any number of reasons, not necessarily financial, why the financial guarantees were not in place in time. Fly-V had what appeared to be a solid base and Pegasus was to be an extension to this. 'Duping' is a strong term, I'd like to wait for the factual reasons for this not happening before being judgemental.
How anyone can defend his behaviour is beyond me.
I see Daniel Benson just tweeted that CW refused to comment when asked if he had a signed contract from the Gillet family.
I'm gathering he's got something of a reputation and folks who've had dealings in the past aren't terribly surprised.