San Diego nonprofit goes broke celebrating Fleet Week

Markets Associated Press

The nonprofit foundation that runs San Diego Fleet Week is out of money, and its board has been negotiating with creditors to settle its debts.

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A San Diego Union-Tribune analysis published Saturday (http://lat.ms/2hZLu9h) finds the San Diego Fleet Week Foundation's deepest deficits are tied to its cornerstone event, the Coronado Speed Festival. It's a series of auto races, car shows and related events.

The newspaper finds the organization was $147,000 in the red at the end of 2015. It has yet to release audited figures for 2016, but Executive Director Larry Blumberg confirms revenue shortfalls have pushed the foundation to the brink of insolvency.

Blumberg says he expects Fleet Week would be solvent during early 2017 and would stage a revamped series of events in mid-October — minus the Speed Fest.

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Information from: The San Diego Union-Tribune, http://www.utsandiego.com