A group of motorcycle enthusiasts have come together to try to save the Cape Breton Bike Fest after it was announced that the annual event would be cancelled.

Shocked by Tuesday's announcement, biker Chad Bryden has set up meetings with the Cape Breton Regional Municipality and with businesses involved in the event.

“The city is on board for providing facilities, Centre 200 is on board,” says Bryden. “I had a meeting with the casino, they’re on board. The concert is still on, everything that goes on that week to have the bikers come in, everything is still a go.”

Bike Fest organizers told CTV News that a number of sponsors gave supplies this year instead of cash, and say there simply wasn’t enough money to make the event work.

This would have been the sixth year for Bike Fest. The event attracted 10,000 people to Sydney last year and brought in $5 million to the Cape Breton economy.

Bryden says they already have a new name if the event goes ahead – the Cape Breton Bike Rally.

“We registered the name. That takes two business days. Once the name is registered, then we can apply for not-for-profit association status, which shouldn’t be a problem,” says Bryden.

Dave Ferguson, the facilities supervisor for CBRM, says the municipality had already approved money in this year’s budget for Bike Fest.

“It was approved in the budget and, as of now, if the new group comes forward the money will still be here to support the new group to continue to have Bike Fest here in Cape Breton,” says Ferguson.

The organization needs to be a non-profit to receive money from the Enterprise Cape Breton Corporation and CBRM. ECBC provided Bike Fest with $30,000 last year and the organization says funding may be available for the new group.

“They are very on board to the possibility of providing funding and gave us some pointers on how to go about everything and what to do as far as getting them in the picture,” says Bryden.

If all goes according to plan, bikers will hit the road for the Cape Breton Bike Rally in early August.

With files from CTV Atlantic's Kyle Moore