GreenEdge Cycling, the holding company that operates Mitchelton Scott, has announced the cancellation of its recently announced sponsorship agreement with Manuela Fundacion.

Since the deal was announced last Friday, there has been confusion over what was agreed upon with the Spanish nonprofit, with GreenEdge owner Jerry Ryan stating that he was still in charge, while representatives of the sponsor claimed that they had taken ownership of the team claimed that they had taken ownership of the team.

"I felt an initial strong connection with Mr. Francisco Huertas, Manuela Fundacion, and their noble cause," Ryan said in a press release issued by the team. [However, after the initial announcement on Friday, negotiations progressed to the conclusion that this relationship would not continue. We wish Francisco Huertas and Manuela Fundacion the best of luck in the future."

The team also stated.

The largely unknown Manuela Fundacion, run by Granada businessman Huertas and his wife Maria Angustias González, was a surprising name to take over sponsorship of the team. According to Ryan's announcement last week, the organization would take over title sponsorship for the remainder of the 2020 season, as well as guarantee the team's future "in 2021 and beyond."

In an interview with Cycling News on the same day of the announcement, Emilio Rodriguez, manager of Manuela Fundacion's sports department, said that the team belongs to Spain and suggested that the company would be the team's owner.

On Wednesday, Ryan told Ride Media that he still owns the team and is negotiating with additional sponsors, adding that the deal with Manuela Fundacion has not been finalized. In response, Rodriguez said he was "surprised" and "frozen" by the comments, adding: "We came into this team to be owners, not just sponsors.

As a result of the cancellation of the contemplated deal, both the Mitchelton Scott men's and women's teams will return to racing under the Mitchelton Scott name beginning with the 2020 season, which resumes in late July.

Ryan will continue to support and fund the teams with full wages for athletes and staff once competition resumes in August.

"The global crisis of COVID-19 has thrown up many new challenges, but our primary focus remains world-class athletes and support staff," Ryan said.

"This includes returning all athletes and staff to full wages once World Tour racing begins in August, and committing through 2021 to finding appropriate sponsors.

"We believe in this team and the people and culture that have made this team successful for the past eight years. The riders have impressed us with their commitment and motivation despite an uncertain season. The staff is also loyal and determined to provide the best possible service during what will be a busy and challenging end of the year. We can't wait to get back on the road and win more races.