In a press conference Monday afternoon, Jane Lipton, the executive director of the Manayunk Development Corporation, said that a loss of primary sponsorship is the main factor in the cancelation of the 2013 Manayunk Bike Race.
"After speaking with [David Chaune, organizer for the Philadelphia International Cycling Championship] this morning, he told me that TD Bank did not decide to renew its sponsorship this year and that the do not have a lead sponsor," she said. "Tied to increased costs, you get an inability to have a race this year."
Lipton said that, while she was never privy to how much money TD bank put toward the race in years past, she estimated the cost to be "hundreds of thousands of dollars."
"I can't give a specific amount, but I know that the cost of city services, things like barriers and EMTs, has exploded into the $200k range," she said. "That's been a key issue we've been talking about for the last few years."
When reached for comment, Eric Springer, a representative for TD Bank, said that the company is "committed to Philadelphia."
"TD Bank is proud to have supported the Philadelphia International Cycling Championship for the past several years," he said. "We are proud to be involved in many of the things people love about Philadelphia, and will continue to support organizations, programs and events throughout the city."
Lipton said that the cost of city services has tripled in the last five years.
"I understand that there are costs for city serves and someone has to bare the expense, but I believe that [Chaune's] point with the city is … that this is [the city's] event," she said. "We see a huge bump in tourism. it's a big weekend and I would hate to see Philly lose its only international event."
Lipton said that she was "very surprised" at the news of the cancellation.
"I had no advanced notice this was coming," she said. "I was reading an email that [Chanue] had sent me this morning and I saw it on television like everyone else."
While Lipton said that 2013 appears to be "off the table," she was optimistic about the race's future in Manayunk and the possibility of doing something to supplement the race in 2013.
"If we can, we'll have a conversation right here [about doing something,]" she said. "Maybe we could do something small, a family event. Maybe our district will get together and remind everyone that Manayunk is a vital town. The Wall isn't going anywhere, you can still challenge yourself here."