Qhubeka-NextHash management has informed its riders and staff that its search for a World Tour sponsor for 2022 has failed.

The team had already been denied a World Tour license by the UCI in early December, but team boss Doug Ryder had tried to keep the negotiating channels open in hopes of finding a last-minute deal. However, an internal notice sent to all riders and staff, seen by Cycling News on Thursday, confirmed that the search for a title sponsor had failed.

In a statement issued Thursday, the riders said: "We are very sad to send this message. We have tried everything until the last few days to find a sponsor for the team for next season, but in the end nothing has materialized. [We have signed contracts with 10 sports marketing firms around the world and have spoken with over 100 companies. We also spoke with potential sponsors and are grateful to everyone who supported us; not a day has gone by since NTT decided to end their support that we have not worked to secure our long-term future."

The team was about to disband at the end of 2020, but was saved at the last minute when Asos agreed to be the team's title sponsor. This saved the riders' lives and the team was likely to last at least another 12 months.

On the eve of the 2021 Tour de France, Next Hash was announced as the team's new title sponsor. Riders and staff faced wage delays in August, and several sponsors were asked for early financial assistance regarding their eventual investments. At the same time, several high-profile riders began looking for employment elsewhere, and in the fall the team informed riders that they were free to look for alternatives for the future, even if they were under contract for 2022.

During this time, the team told Cycling News that it had promised to pay the riders and staff and would continue its search for a title sponsor for 2022.

On December 14, the UCI confirmed that despite extending the licensing process for several weeks to give the team a chance to find the funds needed to run the team, that period had ended. The rider was determined to find a solution to keep the team alive, and on Thursday he admitted that he had considered all avenues. In a letter to Ryder and his staff, he paid tribute to the tremendous support the team has received over the years, but made no mention of Next Hash as a partner.

"I am very proud of what we have accomplished together. The family spirit and Ubuntu feel was embraced by everyone on and off the bike. I have never seen a team spirit as united and united as we have this year. You have embraced the platform that this team provides and have grown as people united by our purpose. You should all be incredibly proud of what we have accomplished together," he wrote.

"These past few months have been difficult, but I hope that these feelings and memories will be with you as we go our separate ways in 2022. The financial problems caused by sponsors not paying on time or at all have really affected us."

The riders confirmed that the team's continental structure would continue in 2022 and that a top-level team would be formed in 2023.

"Team Qhubeka is loved by many people around the world and I thank you all. Next season we will not be part of the World Tour or the Pro Continental Team, but we will continue with the Continental Team, and the support of new talent is crucial if we are to emerge again in 2023. This is our goal."