"One of the happiest moments of my life," tweets team boss Jonathan Vaughters; new sponsor reportedly brought on board...

Slipstream Sports, owner of the Cannondale-Drapac Pro Cycling Team, appears to have been saved going by a tweet from CEO Jonathan Vaughters and a report earlier today that it had secured a new sponsor.

At around 7pm UK time on Thursday evening, Vaughters tweeted: "I just had one of the happiest moments of my life!!! More news to come."

in late August, the team revealed that it had released riders and staff from their contracts after promised sponsorship fell through, leaving a $7 million funding shortfall.

The reaction of fans to that news prompted Slipstream Sports to launch a crowdfunding campaign through Indiegogo.

> Cannondale-Drapac owners to launch crowdfunding campaign to try and secure team's future

To date, that fundraising drive has raised more than $500,000 in the week or so it has been live, with donations up to $2 million being "matched by Fairly Group and other generous supporters."

Earlier today, Cyclist cited a source close to the team as saying that a sponsor had been secured to let the UCI WorldTour outfit continue to race in 2018.

The new backer was reported as being from outside the cycling industry.

For now, its identity - assuming the report is true - has not been disclosed, but judging by Vaughters' tweet, some good news from the team will be revealed very soon.

Born in Scotland, Simon moved to London aged seven and now lives in the Oxfordshire Cotswolds with his miniature schnauzer, Elodie. He fell in love with cycling one Saturday morning in 1994 while living in Italy when Milan-San Remo went past his front door. A daily cycle commuter in London back before riding to work started to boom, he's been news editor at road.cc since 2009. Handily for work, he speaks French and Italian. He doesn't get to ride his Colnago as often as he'd like, and freely admits he's much more adept at cooking than fettling with bikes.