Tourism officials in Florence say a prestigious bass fishing tournament in the Shoals region will not be held this year.

The annual Bassmaster Elite Series was scheduled for mid-May on Pickwick Lake. Organizers say a downturn in the U.S. economy was to blame.

The annual event featured some of the world’s top anglers vying for a $100,000 first prize.

Florida-based BASS also said it will cancel fishing tournaments in New York and Michigan this year.