Powerboating event is scuttled after key sponsor cuts funding

AN international power-boating event due to take place in Waterford this summer has been cancelled because of budgetary problems.

The event brought hundreds of thousands of euro into the city last year, but key sponsors Bord Fáilte have slashed their 2003 contribution.

The state tourism agency was the largest single sponsor last year, donating €400,000, but organisers say they were unable to commit the same amount of money this year.