The 2011 Steveston Sockeye Spin was cancelled Thursday due to a lack of sponsorship, according to the Steveston Community Society, the organizer of the cycling race.
The CyclingBC event was scheduled for July 31.
Kevin MacCuish, director of road races for CyclingBC, said he was informed by SCS Thursday that sponsorship money and financial support from the City of Richmond to close roads were the two reasons why the event was cancelled.
Speaking for the province's governing body for cycling races, he said the cancellation comes as a disappointment for the cycling community and Steveston.
"It's unfortunate. It was a good event last year. The organizer did a good job. It bought people to Steveston and I think that's a big reason why these races are held...," he said.
"Hopefully the organization and the city can work it out," MacCuish said.
City spokesman Ted Townsend said the city gave SCS a one-time grant of $10,000 worth of city crew and road services last year, but SCS never asked the city for help this year.
The closed-circuit race would have taken place along Moncton and Bayview Streets and the cancellation has left 150 participants, as well as volunteers, looking for another long weekend activity.