The Faugheen 50 Supporters Club has confirmed the 2010 Faugheen Road Races are off, blaming economic conditions.

In a short statement the club said the decision was made with 'great regret'. It added the event, scheduled to be run in the village of Faugheen, Carrick-on-Suir, County, was cancelled 'due to the current economic climate'.

The statement added:

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'The Club does not have the funds in advance of the road race weekend to meet expected bills.'

'The Club remains committed to running our road race in 2011 and will pursue with tremendous vigour a number of major fund raising events during 2010 in order to have sufficient funds in the bank, to pay bills, prior to running our road race in 2011.'

The road race costs more than EUR80,000 to run, with most of the money coming from event entry, racer entry fees and programme sales on race days.

In January the Tandragee 100 road races were cancelled, with organisers also blaming the economic situation.

The club statement thanked Faugheen residents and landowners for their continued support, as well as sponsors, local companies, South Tipperary County Council, Denis Landy Counsellor, Carrick-on-Suir Garda Station, the local ambulance services and volunteers.