THERE will be no Velothon Wales event in 2019 and beyond, organisers have announced.

The decision to cut the event has been made after organisers failed to find a "sustainable model for future events."

This year, more than 8,000 riders took part in the event across three distances in the middle of the summer heatwave.

The event saw the closure of roads in Cardiff, Newport, Torfaen, Monmouthshire and Caerphilly.

But after failing to find a way of making the event a financial success, organisers today sent out a statement confirming its cancellation.

The statement reads: "Following detailed discussions between the Velothon series owners Ironman, the Welsh Government major events unit and local event delivery partners Run 4 Wales, we can now confirm there are no plans for Velothon Wales to continue in 2019 and beyond.

"Despite a successful event in 2018, in which more than 8,000 riders took part across three distances, it is unfortunate that we are unable to find a sustainable model for future events.

"The event showcased Wales at its best and welcomed UCI professional road racing alongside 40,000 amateur riders, who were given a truly unforgettable experience on closed roads between 2015 and 2018.

"We would like to thank the people of Wales, each and every person who took part and the numerous stakeholder and partner agencies who made the event possible.

"As well as inspiring the next generation of Welsh cyclists, the Velothon leaves a legacy that confirms Wales’ position as a cycling destination and host for major global cycling events."

Velothon events will continue in Berlin, Hamburg and on the Sunshine Coast in Australia.

A Welsh Government Spokesperson acknowledged the decision of international event owners, Ironman, that they have been unable to find a sustainable financial model for staging a Velothon Wales in 2019 and beyond.

The spokesman added: “With Welsh Government support over four years, Velthon Wales became one of the most popular mass participation events in the sporting calendar.

"The profile of cycling in Wales has increased during this time, partly due to this and other supported events, and  it is hoped that the strong partnerships developed and experiences gained can be taken forward on future projects.

"In the meantime we’d like to thank all partners, participants and the communities involved for their commitment in delivering Velothon Wales over the last four years.”