Slated for June 11-19, the 2016 Venture Cup, a long-distance 1,000-mile powerboat race in Ireland with a planned start in Cork and finish in Dublin, has been cancelled. The news was announced in a press release from the organizers.

Lack of adequate funding reportedly forced the nine-day event’s cancellation.

A long-stance endurance race planned to nearly circumnavigate Ireland, the 2016 Venture Cup has been scrubbed.

“Delivering an event of this scale was always going to present challenges, but we felt we had the team and support to make it happen,” the release stated. “However, we began suffering acute cash-flow problems at the end of March. Regardless of the funding commitment to the overall event, without positive cash flow we were being strangled. Right across the month and into May we actively sought to source solutions. Only a week ago we had a potential answer on the table, which not only resolved the issue but secured the event into the future. Unfortunately this, and other avenues, have failed to materialize and we have reached a point where we can no longer proceed in good faith.”

According to the press release, entry fees are “currently in the process of being returned” to teams who paid them.

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