Falling sponsorship has led to the cancellation of an international surfing competition in Newquay.
Boardmasters's organiser Vision Nine described it as "a sign of the economy", stressing it could not afford to put on the competition.
In the past, the event has attracted some of the world's top surfers.
Andrew Topham, from Vision Nine, said: "It's very expensive to run that level of competition.
"It's a sign of the economy at large and the surfing industry has been hit very hard."
The axed Association of Surfing Professionals World Series competition, at Fistral beach, had total prize money of more than £115,000 last year.
It has been dropped in favour of an open competition with £20,000 prize money.
Mr Topham added: "We have welcomed the cream of the world's surfing community over the years, but now want to open the doors to the local community and home-grown talent."
