HONOLULU (HawaiiNewsNow) - The chances are slim that the iconic big wave surfing competition known as "The Eddie" will run this year after new developments in an ongoing struggle to find a sponsor.
Quicksilver, Red Bull and the Aikau family previously agreed to sponsorship terms for the world-famous event until Saturday, when the Aikau family introduced new terms that the company could not agree to.
In a statement, a Quicksilver representative said:
"Quiksilver has decided that it has run out of time to sponsor the 'Quiksilver in Memory of Eddie Aikau' big wave surf event for 2017-2018.
Quiksilver has been honored to celebrate the life of champion big wave surfer and Waimea Bay lifeguard Eddie Aikau. Quiksilver is proud of the tradition of the event which underlines its respect for Eddie Aikau, the Hawaiian people and the community at large, and Quiksilver greatly appreciates more than 30 years of partnership with the Aikau family."
Earlier this year, the World Surfing League reportedly withdrew financial support of the event. Quicksilver and the Aikau family previously had differences in terms in previous months.
"After a long, hard negotiations with the Aikaus, there just wasn't enough time to put on a proper contest," Glen Moncata of Quicksilver said. "There's a lot of preparations involved, and with the passing of time, we don't think we can put together a proper contest."
"The Eddie" only occurs when there are consistent, rideable waves of at least 30 feet in Waimea Bay during the narrow three-month holding period beginning in February.
The competition has only happened nine times since it began in 1984.
"Even though the parties were unable to reach an agreement, Quiksilver remains open to continuing discussions for a 2018-2019 event and beyond so that all parties can better prepare for the event," Quicksilver added.
The Aikau family says status of the contest going forward is unknown. They did not provide any additional details.
This a breaking story. Please check back for updates.