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People look out from the southern bank of the Allegheny River on the first day of the Three Rivers Regatta in downtown Pittsburgh, on Saturday, July 2, 2011. The annual festival along the banks of Pittsburgh’s three rivers, features speed boat races, musical concerts, an outdoor circus performance, and several daredevil acts from July 2 through July 4.(AP Photo/Keith Srakocic)

(Pittsburgh) — A regatta that has been a tradition in the city of Pittsburgh for more than four decades was canceled Tuesday, days before its scheduled opening due to insurance and permit problems.

The EQT Three Rivers Regatta promoter LionHeart Event Group hadn’t secured proper permits or paid vendors, including the state for use of Point State Park and police, attorney Charles Scholz told reporters.

Scholz said the regatta board had no choice but to withdraw its permit application. Officials said they hoped the regatta might return next year.

Mayor Bill Peduto said that even after his administration found out that the city and vendors hadn’t been paid, they hoped the regatta could still be held but in a different venue.

“Efforts to save this year’s regatta were ongoing when it became apparent that LionHeart had not secured the mandatory insurance to hold the event either,” he said in a statement.

A phone message and email seeking comment were sent to LionHeart president Derek Weber. This year’s regatta would have been the third handled by the company, officials said.

Samantha Moyer, the former senior events coordinator at LionHeart, told the Pittsburgh Post-Gazette that she hadn’t been aware of any problems when she left the company in October.

The regatta, a summer tradition since 1978, features powerboat races, an “Anything that Floats” race, and various water stunts and concerts.