Bermuda International Race Weekend may have crossed the finish line.

An e-mailed Press release issued by Bermuda Track and Field Association (BTFA) director Wayne Raynor yesterday morning announced that financial constraints had ? "with much regret" ? resulted in the cancellation of the 2005 edition of the popular racing series.

"The BTFA has not been able to enjoy the same financial success it has generated for our community for a number of years, despite cutting costs to a bare minimum, without jeopardising the quality of the event," read the one-page statement which also recapped the event's history, significance and tourism impact.

"It is, therefore, with much regret and after serious consideration of the impact to all, The Board of Directors of The Bermuda Track And Field Association wish to advise that the 2005 Bermuda International Race Weekend will be cancelled due to lack of sponsorship funds to cover the expenses incurred annually to produce an event of this calibre."

Later elaborating on the matter, Raynor and fellow director Roger Lee indicated that Race Weekend ? which consists of the Front Street Mile, International 10K (and Charity Walk), International Half-Marathon and the International Marathon and attracts a thousand visitors to the Island each January ? could be revived in the future or even salvaged for next year if sponsors came forward in time.

Lee revealed the decision to axe the athletics showpiece which started in 1975 was taken at a meeting when BTFA president Judy Simmons returned from the Athens Olympics. Its annual budget, he added, has spiralled to between $120,000 and $130,000.

When told about previous winners' concerns about unpaid prize money, Lee was stunned.

"As far as I know they should have gotten their funds. I was under the assumption that everyone was paid," said the director.

Sports Minister Dale Butler was startled when confronted with the news by .

"It's a complete surprise to me considering that we have been working on it," he said.

"They were requesting additional funding to the $40,000 which they usually receive and we said 'This wasn't budgeted for but we will try to find another $20,000 if you can match the $20,000'. They sucked their teeth at it.

"Because they have burnt their bridges with so many organisations and groups their view was that the business community was reluctant to support them... but we just can't pull money out of a hat."

The Minister noted that corporate Bermuda want evidence of financial responsibility when they back such events and that the "BTFA refuses to share information with anybody".

Shadow Sports Minister Jon Brunson ? who participates in the series each year barring injury ? expressed "absolute shock" at the cancellation.

"Just today I was talking about preparing for the 10K and the Half-Marathon. To hear it's been cancelled is a personal disappointment but, when I step back, I look at the impact International Race Weekend has on Bermuda at a time of year when things are pretty slow.

"It provides an injection for the economy."

In an odd twist to the saga, Minister of Tourism Dr. Ewart Brown contended there would be no cancellation and chalked the Press release up to "a miscommunication within its (BTFA's) ranks".

"It's total confusion. There's no such thing happening. There is no cancellation, no postponement," he said.

"The left hand did not know what the right hand was doing and one person jumped out and told the media something that is just not true.

"Yeah, it's on ? big time. A letter just went out today from our Director (of Tourism) trying to double the prize money. That's our goal ? to double the prize money ? and in a few years to have it up to $100,000.

"We're very much engaged in trying to not only make this thing successful but a bigger event with additional sponsors. We're out soliciting money."

A written statement from Government later underlined tourism ministry's commitment "to sponsoring this event", adding that "(the ministry) was preparing, at the time of the announcement by the BTFA, a sponsorship agreement".

While the extent of the ministry's "commitment" remained unclear, it urged race organisers to rescind their decision to pull the series from the 2005 athletics calendar.

Meanwhile, as word spread of Race Weekend's funding woes, it seemed not to have reached race secretary Pam Shailer.

Her voicemail recording still greets callers with the following message: "(This is) the answering machine for the 2005 Bermuda International Race Weekend, please leave a message."