'Not what I thought it was' - Ryan details collapse of Manuela Fundacion deal

Mitchelton-Scott owner Gerry Ryan has revealed he blocked his team's proposed takeover because "it wasn't the deal that I thought it was."

Spanish not-for-profit entity Manuela Fundacion had been announced as Mitchelton-Scott's new title sponsor in June, however the deal collapsed less than a week later.

The Australian team parted ways with manager Shayne Bannan and financial director Alvaro Crespi as a result, with Brent Copeland and Darach McQuaid since taking their place.

Ryan's managerial shakeup has come in an attempt to attain team-wide unity after the deal with Francisco Huertas' foundation left him at risk of ceding ownership of the team he first acquired in 2012.

"Put it this way... it was different," Ryan told the Sydney Morning Herald.

"I wasn’t totally across the deal and when I started to look at the deal ... it wasn’t the deal that I thought it was.

"I decided, no, they could have sponsorship but not ownership."

Despite the organisation's best efforts to secure a major commercial sponsor, Ryan admitted he had no contact with those in charge at the Manuela Fundacion.

"Bannan did. I had no correspondence apart from a couple of emails with the gentleman," Ryan said.

"The problem was everything was done over Zoom. What was happening is he had a team of advisers and I think, in translation, a lot of things got misconstrued about what they were looking for and what we were actually looking for.

"I came into it late in the conversation. The deal had basically been agreed to but hadn’t got my blessing.

"I came into it in the home straight and I scratched the horse."

Bannan's swift departure from Mitchelton-Scott ended an eight-year association with Ryan; one he will now look to develop with Copeland.

"He decided to leave because it had fallen over," Ryan added.

"Shayne was very upfront and said, 'I’ve brought the team to this stage and I think it probably needs fresh eyes and fresh direction'."