The British Pedal Car Grand Prix in Ringwood has been cancelled due to "several unforeseen circumstances".
The event, which has been a staple of the calendar and attracts huge crowds to the town, was due to be held on Sunday, July 7.
Bur organisers now say that the race will no longer go ahead, citing concerns over the quality and safety of the event.
A spokesperson said: "Several unforeseen circumstances have forced our hand, the foremost being the financial challenges driven by significant increases in the costs of holding the event, coupled with a significant number of local businesses having to reduce or cease sponsoring the event due to the current economic climate."
James Marley, Chairman of the organising team said “We understand the disappointment this cancellation brings to our dedicated teams, sponsors, and fans who have eagerly anticipated this event.
"We’re devastated that we’ve had to take this decision, but with the increase in costs to run the Grand Prix, plus the challenging financial climate that has limited the amount that our sponsors can contribute to the event, it’s unfortunately the only decision that we could make.”
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