Qhubeka NextHash suffered a major blow Thursday when the UCI confirmed that it has refused to grant the South African team a World Tour license for 2022.

NextHash has struggled to gain financial stability over the past year, but the UCI had already extended the licensing process by several weeks to give team manager Doug Ryder enough time to find a financial backer.

However, the sport's governing body announced Thursday that time was running out.

"After listening to the teams that were not able to register directly with the UCI, the Licensing Committee has decided to refuse the registration of the team Qhubeka NextHash (article 2.15.071)," a statement from the UCI reads.

The team's finances were the subject of debate and uncertainty for over a year; in 2020, the team managed to survive thanks to a last-minute deal with apparel brand Assos.

In the summer, the team brought in Next Hash as its second title sponsor, but the deal was shrouded in uncertainty. Initially, Next Hash was reported to have signed a five-year contract, but as the year wore on,

that began to fall apart.

In August, the team was unable to pay its riders and staff on time, and one sponsor at the time confirmed that management had requested the last sponsorship payment to keep the team alive. At the same time, several well-known riders began looking for employment elsewhere, and in the fall the team informed the riders that they were free to look for alternatives for the future, even if they had contracts for 2022. During this period, the team promised CyclingNews that it would pay its riders and staff, and said it would continue its search for a title sponsor for 2022. As required by the UCI and the CPA, we have informed the team of our current position and, if they so desire, we will other opportunities.

"As the UCI WorldTour team in Africa, we will continue to fight so that we can continue our mission of changing lives through cycling by racing on the highest stage of the sport.

Meanwhile, Rider was desperately seeking sponsors. He told Rider's agent that Premier Tech, the current co-title sponsor of the Astana team, was an option, but that deal never materialized. Premier Tech then signed a preliminary deal with BikeExchange, which also fell through.

Assos told Cycling News in early December that it was willing to support and fund the team if it could secure a respectable title sponsor in 2022. Asos did not want to share title sponsorship rights with the team again, but admitted that the apparel brand has not been in recent contact with the rider. 'The team is focused on getting a cash partner. An Assos spokesperson told Cycling News in early December.

"They are desperately trying to put something together, but Assos seems to want to stay involved. We like the program, the partnership, and we are partners with Qhubeka anyway. Regardless of whether the team continues or not, we're going to do something with them next year.

"We want to see what the team is like, who the partners are, what the ambitions of the team are, and then see what comes together and whether it makes sense to partner with them or not," Cyclingnews asked Qhubeka NextHash for comment.