PowerSports Entertainment Inc. has suspended operations and as a result the WPSA 2008 PowerSports ATV Tour race schedule is now canceled, the company said in a press release May 1.
“All of us here at the WPSA regret that we have no choice but to suspend operations and cancel the ATV tour at this time,” said Rick Murphy, CEO. “We have been working diligently for many months to fundamentally improve our business model and acquire financing that would allow us to move forward, but we were not able to consummate the contemplated transactions and we foresee no significant increases in sponsorship or event revenue that would gap the projected deficits.”
“While the company is considering a variety of options, none of these options would happen quickly enough to justify running the WPSA Championship ATV Tour according to our established standards and we believe that it is best to cancel the 2008 ATV season rather than attempt a watered down version,” said Scott O'Malley, president. “We are attempting to find remedies that would allow us to resume operations, but at this time we have no firm solutions.”