No reason? My guess is that the UCI investigated their financials and realized that it was a house of cards.

They don't just hand out Pro Tour or Pro Continental licenses to anyone who wants one. Once issued there are a whole series of commitments ($$$$$$) from teams, organizers and sponsors that then have to be met over the course of a season. If the UCI felt that RR might not be able to meet those responsibilities (which they couldn't) then that is enough of a reason to deny a license.

Another reason, as has been mentioned, is the choice of riders. There's no way that helped.

As to the UCI not stating openly that they thought Ball's financials were suspect, I think there are legal reasons for them not to do so. At the end of the day they were proven right.

STP ftw btw.