The Sean Kelly Tour of Waterford will not go ahead this year.
The event has been staged in Waterford over the past eleven years with thousands taking part each August.
However issues surrounding sponsorship as well as the lack of volunteers and accommodation has arisen in recent years.
Head of Enterprise with Waterford Council Richie Walsh informed the Dungarvan/Lismore District Council that there needs to be a revamp.
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He says they want the event to continue but in a different form: "There's a full intention of restructuring it, making it different, changing the time of year - August doesn't work anymore."
