The Victoria BMX 2007 World Championship Society – organizer of this year's world championships in western Canada – declared bankruptcy. In the middle of last month, local newspaper Victoria Times Colonist had an announcement of the declaration that was on October 17 according to canadiancyclist.com.
A creditors meeting was expected to be held last week.
Organizers apparently owe over $100,000 CAD (€74,000) to local services providers and another $15,000 CAD (€11,100) to the Canadian Cycling Association (CCA).
"They were just not able to attract the level of corporate sponsorship that they had forecast," noted CAA CEO Lorraine Lafreniere.