Two major UCI-sanctioned events slated for April, the inaugural U.S. Open Cycling Championships and the fifth edition of the Tour de Georgia, are struggling to land title sponsors as their respective race dates approach. And while neither has been canceled, both face financial shortfalls that could make running them cost-prohibitive.

The inaugural U.S. Open Cycling Championships is scheduled to run from Williamsburg to Richmond, Virginia, on Saturday, April 7. NBC Sports has slated a national broadcast for 2 to 4:30 p.m. EST. With both men’s and women’s pro fields invited, the event is expected to showcase the historic attractions of Virginia just weeks before the 400th anniversary of America's first permanent English settlement in Jamestown.

Until Wednesday, race direction was handled by Red Five Sports Group, whose principal, Tim Miller, also runs Virginia’s CapTech Classic.

But Miller sent an email sent to industry associates on Thursday explaining that he has resigned as officer and director of Red Five and as executive director of the U.S. Open.

“It is with great sadness that I write this email to inform you, the stakeholders and supporters of the effort to bring the U.S. Open Cycling Championships to central Virginia, that I have resigned my positions as officer and director of Red Five Sports Group, Inc., and as executive director of the U.S. Open Cycling Championship,” Miller wrote. “This has been an extraordinarily difficult decision. However, I have come to this decision because of irreconcilable differences concerning the production of the event.”

Miller forwarded all questions about the event to Richard Durishin, president of Red Five Sports Group. Durishin told VeloNews that he was in a state of “shock and awe” over Miller’s resignation.

“It was totally out of the blue,” Durishin said. “We’re not where we need to be relative to having sponsorship based on our date, but we are where all the statistics say you’re going to be when you have an opportunity to sell a big deal like this and you know it’s going to take six months to do it.”

“I don’t know what Tim was thinking, he just said, ‘Okay, I’m out,’” Durishin said. “I can’t tell you how disappointed I am because he’s been such a critical component of moving this thing forward to begin with. The contributions he has made to Red Five Sports Group and the concept of the U.S. Open and to bringing an event to a national network broadcast are significant to say the least.”

Durishin said that the event is still scheduled, and that he would name a new executive director on Monday.

“It will be a name I expect that everyone recognizes and will frankly view as putting the event in perhaps better stead than it was in,” he said. Durishin said that the event still has not landed a title sponsor, but added that a title sponsor is not critical to the event’s success.

“What is critical is that we have enough sponsors to do the event,” Durishin said. “Whether or not we have a title sponsor doesn’t really make a difference — it’s all about how much money we have, not the name that it came under. We’re still excited about it and looking forward to doing it. It’s a huge opportunity for cycling in America, and as a cycling community we cannot afford to let that pass.”

Meanwhile, a story in the February 28 Macon Telegraph reports that the Tour de Georgia, scheduled for April 16-22, is short nearly $1 million of the $2 million-plus budgeted for the race, and that its organizers are “still seeking major sponsorships.” The article quoted race organizers as saying they are close to deciding how to deal with the problem, and that their options could include “canceling the race altogether or trimming race costs if the money isn't forthcoming.”

The Tour de Georgia is owned by the Georgia Partnership for Economic Development and run by Medalist Sports, which also runs the Amgen Tour of California and the USA Cycling road championships in Greenville, South Carolina.

Medalist Sports managing partner Chris Aronhalt, executive director of Tour de Georgia, told the Telegraph that he remained optimistic the race would be held as scheduled.

“But we are also very realistic and concerned by our current shortfall," said Aronhalt. "We are definitely looking at all the options. Right now, the [financial] gap is fairly large. But on the upside, there are a lot of positive discussions. We're so dangerously close to the event, and the cities, the teams, the spectators would be devastated. To Medalist, an event cancellation is not in our realm of possibilities."

After its inaugural edition in 2003, the Tour de Georgia faced financial uncertainties heading into the 2004 event until Tour de France champion Lance Armstrong signed on to do the event just three months before its start. Armstrong’s participation brought Dodge back as a sponsor for 2004 and 2005. In 2006 Ford signed on as title sponsor, but did not renew its option for 2007.

With the future uncertain, all riders and team managers can do is sit tight and wait for news. Slipstream Sports-Chipotle manager Jonathan Vaughters said his airfare and hotel accommodations have already been made for the U.S. Open, but not for Georgia. With a roster of 23 riders, Vaughters said his team’s race schedule is based on having dual squads, one in Europe and one at the U.S. Open and Tour de Georgia.

“I have a bunch of guys I didn’t send to Europe who are back in the U.S. that are going to do the Tour de Georgia as long as it happens,” Vaughters said. “If there was no Tour de Georgia I’d have to send more guys over to Europe.

“That would be tragic if it didn’t happen, and for me, personally, it would create a bit of a scramble. I guess I’d have to look at doing a race in South America or something like that. I’d have to find some other racing. With 23 guys on the roster, the reason is to do a double schedule. If these races are cut out of the U.S. schedule, that would leave us overstocked on riders.”