After failing to lock in a sponsor to support the proposed UCI one-day race, organizers say the Grand Prix of Portland is on hold

Due to a lack of funding, the GP Portland, which had been planned for August 29, 2015, has been postponed.

Jack Toland, the event’s co-founder and operations manager told VeloNews via email, “Our timing was out of alignment with most companies’ budget cycles and fiscal planning for 2015.”

The race was proposed to be a one-day 112-mile UCI 1.2 race through the city of Portland, one of America’s most cycling-friendly cities. The trio of co-founders felt that Oregon was a place that deserved a world-class race due to its thriving race community and bicycle culture.

The partners looked as far as New York City for a title sponsor, but found it to be much harder than they had expected to secure funds. Their anticipated budget for the race is between $1 and $2 million.

But don’t count Portland out yet. It is clear that Toland remains positive about the race’s future.

“Nonetheless, our team continues to market the event and remains enthusiastic that Portland could still possibly make budget for 2016,” he said.

Neal Rogers contributed to this report.