diff --git a/sponsors/admin.py b/sponsors/admin.py
index 405ad9cbe..d49cf3cea 100644
--- a/sponsors/admin.py
+++ b/sponsors/admin.py
@@ -244,6 +244,11 @@ def get_urls(self):
                 self.admin_site.admin_view(self.approve_sponsorship_view),
                 name="sponsors_sponsorship_approve",
             ),
+            path(
+                "<int:pk>/enable-edit",
+                self.admin_site.admin_view(self.rollback_to_editing_view),
+                name="sponsors_sponsorship_rollback_to_edit",
+            ),
         ]
         return my_urls + urls
 
@@ -322,6 +327,31 @@ def get_sponsor_contacts(self, obj):
 
     get_sponsor_contacts.short_description = "Contacts"
 
+    def rollback_to_editing_view(self, request, pk):
+        sponsorship = get_object_or_404(self.get_queryset(request), pk=pk)
+
+        if request.method.upper() == "POST" and request.POST.get("confirm") == "yes":
+            try:
+                sponsorship.rollback_to_editing()
+                sponsorship.save()
+                self.message_user(
+                    request, "Sponsorship is now editable!", messages.SUCCESS
+                )
+            except SponsorshipInvalidStatusException as e:
+                self.message_user(request, str(e), messages.ERROR)
+
+            redirect_url = reverse(
+                "admin:sponsors_sponsorship_change", args=[sponsorship.pk]
+            )
+            return redirect(redirect_url)
+
+        context = {"sponsorship": sponsorship}
+        return render(
+            request,
+            "sponsors/admin/rollback_sponsorship_to_editing.html",
+            context=context,
+        )
+
     def reject_sponsorship_view(self, request, pk):
         sponsorship = get_object_or_404(self.get_queryset(request), pk=pk)
 
diff --git a/sponsors/models.py b/sponsors/models.py
index d0a90cbe5..8594e372c 100644
--- a/sponsors/models.py
+++ b/sponsors/models.py
@@ -342,6 +342,15 @@ def approve(self):
         self.status = self.APPROVED
         self.approved_on = timezone.now().date()
 
+    def rollback_to_editing(self):
+        accepts_rollback = [self.APPLIED, self.APPROVED, self.REJECTED]
+        if self.status not in accepts_rollback:
+            msg = f"Can't rollback to edit a {self.get_status_display()} sponsorship."
+            raise SponsorshipInvalidStatusException(msg)
+        self.status = self.APPLIED
+        self.approved_on = None
+        self.rejected_on = None
+
     @property
     def verified_emails(self):
         emails = [self.submited_by.email]
diff --git a/sponsors/tests/test_models.py b/sponsors/tests/test_models.py
index e18f8a111..53aab55e7 100644
--- a/sponsors/tests/test_models.py
+++ b/sponsors/tests/test_models.py
@@ -6,7 +6,10 @@
 from django.utils import timezone
 
 from ..models import Sponsor, SponsorshipBenefit, Sponsorship
-from ..exceptions import SponsorWithExistingApplicationException
+from ..exceptions import (
+    SponsorWithExistingApplicationException,
+    SponsorshipInvalidStatusException,
+)
 
 
 class SponsorshipBenefitModelTests(TestCase):
@@ -142,6 +145,30 @@ def test_approve_sponsorship(self):
         self.assertEqual(sponsorship.status, Sponsorship.APPROVED)
         self.assertEqual(sponsorship.approved_on, timezone.now().date())
 
+    def test_rollback_sponsorship_to_edit(self):
+        sponsorship = Sponsorship.new(self.sponsor, self.benefits)
+        can_rollback_from = [
+            Sponsorship.APPLIED,
+            Sponsorship.APPROVED,
+            Sponsorship.REJECTED,
+        ]
+        for status in can_rollback_from:
+            sponsorship.status = status
+            sponsorship.save()
+            sponsorship.refresh_from_db()
+
+            sponsorship.rollback_to_editing()
+
+            self.assertEqual(sponsorship.status, Sponsorship.APPLIED)
+            self.assertIsNone(sponsorship.approved_on)
+            self.assertIsNone(sponsorship.rejected_on)
+
+        sponsorship.status = Sponsorship.FINALIZED
+        sponsorship.save()
+        sponsorship.refresh_from_db()
+        with self.assertRaises(SponsorshipInvalidStatusException):
+            sponsorship.rollback_to_editing()
+
     def test_raise_exception_when_trying_to_create_sponsorship_for_same_sponsor(self):
         sponsorship = Sponsorship.new(self.sponsor, self.benefits)
         finalized_status = [Sponsorship.REJECTED, Sponsorship.FINALIZED]
diff --git a/sponsors/tests/test_views.py b/sponsors/tests/test_views.py
index 7641f4d2f..99bf18cef 100644
--- a/sponsors/tests/test_views.py
+++ b/sponsors/tests/test_views.py
@@ -321,6 +321,108 @@ def test_redirect_user_back_to_benefits_selection_if_post_without_valid_set_of_b
         self.assertRedirects(r, reverse("select_sponsorship_application_benefits"))
 
 
+class RollbackSponsorshipToEditingAdminViewTests(TestCase):
+    def setUp(self):
+        self.user = baker.make(
+            settings.AUTH_USER_MODEL, is_staff=True, is_superuser=True
+        )
+        self.client.force_login(self.user)
+        self.sponsorship = baker.make(
+            Sponsorship,
+            status=Sponsorship.APPROVED,
+            submited_by=self.user,
+            _fill_optional=True,
+        )
+        self.url = reverse(
+            "admin:sponsors_sponsorship_rollback_to_edit", args=[self.sponsorship.pk]
+        )
+
+    def test_display_confirmation_form_on_get(self):
+        response = self.client.get(self.url)
+        context = response.context
+        self.sponsorship.refresh_from_db()
+
+        self.assertTemplateUsed(
+            response, "sponsors/admin/rollback_sponsorship_to_editing.html"
+        )
+        self.assertEqual(context["sponsorship"], self.sponsorship)
+        self.assertNotEqual(
+            self.sponsorship.status, Sponsorship.APPLIED
+        )  # did not update
+
+    def test_rollback_sponsorship_to_applied_on_post(self):
+        data = {"confirm": "yes"}
+        response = self.client.post(self.url, data=data)
+        self.sponsorship.refresh_from_db()
+
+        expected_url = reverse(
+            "admin:sponsors_sponsorship_change", args=[self.sponsorship.pk]
+        )
+        self.assertRedirects(response, expected_url, fetch_redirect_response=True)
+        self.assertEqual(self.sponsorship.status, Sponsorship.APPLIED)
+        msg = list(get_messages(response.wsgi_request))[0]
+        assertMessage(msg, "Sponsorship is now editable!", messages.SUCCESS)
+
+    def test_do_not_rollback_if_invalid_post(self):
+        response = self.client.post(self.url, data={})
+        self.sponsorship.refresh_from_db()
+        self.assertTemplateUsed(
+            response, "sponsors/admin/rollback_sponsorship_to_editing.html"
+        )
+        self.assertNotEqual(
+            self.sponsorship.status, Sponsorship.APPLIED
+        )  # did not update
+
+        response = self.client.post(self.url, data={"confirm": "invalid"})
+        self.sponsorship.refresh_from_db()
+        self.assertTemplateUsed(
+            response, "sponsors/admin/rollback_sponsorship_to_editing.html"
+        )
+        self.assertNotEqual(self.sponsorship.status, Sponsorship.APPLIED)
+
+    def test_404_if_sponsorship_does_not_exist(self):
+        self.sponsorship.delete()
+        response = self.client.get(self.url)
+        self.assertEqual(response.status_code, 404)
+
+    def test_login_required(self):
+        login_url = reverse("admin:login")
+        redirect_url = f"{login_url}?next={self.url}"
+        self.client.logout()
+
+        r = self.client.get(self.url)
+
+        self.assertRedirects(r, redirect_url)
+
+    def test_staff_required(self):
+        login_url = reverse("admin:login")
+        redirect_url = f"{login_url}?next={self.url}"
+        self.user.is_staff = False
+        self.user.save()
+        self.client.force_login(self.user)
+
+        r = self.client.get(self.url)
+
+        self.assertRedirects(r, redirect_url, fetch_redirect_response=False)
+
+    def test_message_user_if_rejecting_invalid_sponsorship(self):
+        self.sponsorship.status = Sponsorship.FINALIZED
+        self.sponsorship.save()
+        data = {"confirm": "yes"}
+        response = self.client.post(self.url, data=data)
+        self.sponsorship.refresh_from_db()
+
+        expected_url = reverse(
+            "admin:sponsors_sponsorship_change", args=[self.sponsorship.pk]
+        )
+        self.assertRedirects(response, expected_url, fetch_redirect_response=True)
+        self.assertEqual(self.sponsorship.status, Sponsorship.FINALIZED)
+        msg = list(get_messages(response.wsgi_request))[0]
+        assertMessage(
+            msg, "Can't rollback to edit a Finalized sponsorship.", messages.ERROR
+        )
+
+
 class RejectedSponsorshipAdminViewTests(TestCase):
     def setUp(self):
         self.user = baker.make(
diff --git a/templates/sponsors/admin/rollback_sponsorship_to_editing.html b/templates/sponsors/admin/rollback_sponsorship_to_editing.html
new file mode 100644
index 000000000..29d157495
--- /dev/null
+++ b/templates/sponsors/admin/rollback_sponsorship_to_editing.html
@@ -0,0 +1,35 @@
+{% extends 'admin/base_site.html' %}
+{% load i18n admin_static sponsors %}
+
+{% block extrastyle %}{{ block.super }}<link rel="stylesheet" type="text/css" href="{% static "admin/css/forms.css" %}">{% endblock %}
+
+{% block title %}Rollback {{ sponsorship }} to editing| python.org{% endblock %}
+
+{% block breadcrumbs %}
+<div class="breadcrumbs">
+  <a href="{% url 'admin:index' %}">{% trans 'Home' %}</a> &gt
+  <a href="{% url 'admin:app_list' app_label='sponsors' %}">{% trans 'Sponsors' %}</a> &gt
+  <a href="{% url 'admin:sponsors_sponsorship_changelist' %}">{% trans 'Sponsorship' %}</a> &gt
+  <a href="{% url 'admin:sponsors_sponsorship_change' sponsorship.pk %}">{{ sponsorship }}</a> &gt
+  {% trans 'Rollback to editing' %}
+</div>
+{% endblock %}
+
+{% block content %}
+<h1>Rollback to Editing</h1>
+<p>Please review the sponsorship application and click in the Rollback button if you want to proceed.</p>
+<div id="content-main">
+<form action="" method="post" id="new_psf_board_meeting_form">
+{% csrf_token %}
+
+<pre>{% full_sponsorship sponsorship display_fee=True %}</pre>
+
+<input name="confirm" value="yes" style="display:none">
+
+<div class="submit-row">
+    <input type="submit" value="Rollback" class="default">
+</div>
+
+</form>
+<div>
+</div>{% endblock %}
diff --git a/templates/sponsors/admin/sponsorship_change_form.html b/templates/sponsors/admin/sponsorship_change_form.html
index 5a983f31a..c366bd081 100644
--- a/templates/sponsors/admin/sponsorship_change_form.html
+++ b/templates/sponsors/admin/sponsorship_change_form.html
@@ -16,6 +16,12 @@
     </li>
     {% endif %}
 
+    {% if sp.status != sp.FINALIZED and sp.status != sp.APPLIED %}
+    <li>
+        <a href="{% url 'admin:sponsors_sponsorship_rollback_to_edit' sp.pk %}">Rollback to Edit</a>
+    </li>
+    {% endif %}
+
   {% endwith %}
 
   {{ block.super }}