Surestream has let go the club on condition that the former Malawi international who registered the club as his own should not use the company name or logos.
Surestream Publicist, Lynda Chiumia Gombera, confirmed the development but declined to give more details.
"I can confirm to you that the team will be Peter's but I can not say more,” she said.
Following the development, Mponda has changed the name of the club to Wizards FC.
He has declared that he is not running scared on the team's survival prospects following the petroleum firm sponsorship pull out.