COEUR d’ALENE — Organizers of the 2015 Coeur d’Alene Silver Cup unlimited hydroplane race announced they have postponed the event scheduled for July and are now planning a 2016 event instead.

Keith Allen, vice president and race director, said more time is needed to raise money for the Lake Coeur d’Alene event. To have a successful event next year, he said, organizers would have to raise at least $300,000.

Allen said organizers were crunched for time in gaining sponsorship funds to pay for the event this year, and that was the primary reason this summer’s event was canceled.

The event was planned for July 17-19 and was to be based at Silver Beach.

“We’re disappointed,” he told The Press Wednesday.

Organizers began seeking permits for the race in late December and by mid-January they had contacted all the permitting agencies. In almost every case they submitted permit applications, he said.

“Many of those permits have already been approved and issued,” Allen said.

In late January, Kootenai County Fire and Rescue, one of the permitting agencies, told Silver Cup officials they needed to pay an outstanding balance of $24,000 owed from the 2013 Diamond Cup.

It took more than 75 days — as well as hiring Coeur d’Alene attorney John Magnuson — to work with the agency and get it to drop the requirement to pay the previous bill.

“Unfortunately, due to the delay in resolving that issue we just don’t have time to pull together the financial resources for a successful event,” Allen said.

Silver Cup organizers have explained the situation to each of the permitting agencies and started the process of changing permit applications to show that the event will now be in 2016.

“Once all the permits are secured and in place in the near future, Coeur d’Alene Silver Cup Inc. can then begin marketing the 2016 event to potential sponsors with all of the necessary assurances and guarantees they would expect of us of being fully permitted to have the race,” Allen said.

Kootenai County Fire and Rescue Fire Chief Warren Merritt said the agency’s attorney initially recommended Silver Cup officials pay the $24,000. More than $22,000 was owed for services rendered in 2013, he said.

“It was an H1 (Unlimited) event with a different promoter,” Merritt said.

However, after attorneys for both sides met, they agreed that Silver Cup organizers wouldn’t have to pay the debts racked up by Diamond Cup officials, he said.

For the 2016 races, Silver Cup officials will have to pay a $5,000 “planning deposit,” the chief said. If the event does take place next year, he said, Silver Cup officials also would pay between $50,000 and $60,000 to the fire agency to pay for staffing and fire apparatus costs.

“We look forward to working with them in 2016, provided that they follow our process and the funds are paid and there is plenty of time to do the planning,” Merritt said.

H1 Unlimited Chairman Steve David said Wednesday the racing organization — which still has events in Kennewick and Seattle on its schedule this year — enjoys working with Allen and his Coeur d’Alene crew “because they tell us the truth.”

“They are not going to stage a race without complete funding,” David said. “We look forward to a great 2016 event.”