ANCHORAGE, Alaska (AP) — The world's most famous sled dog race is feeling squeezed by the poor economy.
The Iditarod Trail Sled Dog Race says it has lost nearly $1 million in funding over the past year and that is forcing organizers to cut the prize money for the 2010 race by $100,000.
The Iditarod Trail Committee says in a press release that organizers are facing a reduction of $455,000 in revenues after losing a media partnership and two sponsorship deals in the past month.
Organizers lost another media sponsorship as well as a significant cut in sponsorship money in late 2008 that reduced coffers by $485,000.
That meant a $300,000 reduction in prize money for this year's race, down from $925,000 from the previous year.
