PITTSBURGH (KDKA) — The annual Three Rivers Regatta has officially been canceled for this year.

Representatives from the event’s Board of Directors made the announcement Tuesday morning at a press conference at the River Casino. Allegheny County Executive Rich Fitzgerald and Pittsburgh Mayor Bill Peduto were also at the announcement.

WATCH: News Conference —

Regatta officials say the promoter hired to handle the event failed to take many of the proper steps necessary for it to continue.

According to the Regatta’s board, the LionHeart Event Group did not secure proper event insurance.

In a news release, Regatta officials say the board learned late last week that “LionHeart had misrepresented the status of payments and insurance related to the event and had not met critical benchmarks to ensure it could go forward.”

Lionheart’s president is Derek Weber and the company employs 28 workers and has a revenue of more than $5.5 million, according to the company’s website.

Calls to Weber were not returned to KDKA.

The Regatta Board said it received monthly reports from Lionheart, indicating all bills had been paid.

Sources say the promoter also did not show up at a special events meeting planned for Tuesday morning.

Fitzgerald and Peduto said they were disappointed to have to cancel, but it is necessary.

“We hate to have to cancel, love to be able to try to pull off a regatta, but without insurance and without the vendors participating because of not being paid in the past because of the board receiving documentation that actually said they had been paid, it’s in the best interest for this city and region that we cancel this year and begin the investigation immediately and reorganize to bring the Regatta back for next year,” said Peduto.

WATCH: KDKA’s Brenda Waters reports live on the cancellation of the Three Rivers Regatta.

Regatta officials say they may use legal means to settle the matter.

“To be clear, the blame for this cancellation lies solely with LionHeart,” said Charles Scholz, a Three Rivers Regatta Board member. “Every other participant in this event has met their obligations and were ready to proceed. The Regatta Board is currently reviewing all potential actions against LionHeart, and we intend to pursue all legal means necessary to resolve this as we work to determine the future of this event.”

Vendors have been told not to set up and contractors have been told to stay home.

The Three Rivers Regatta website has a simple message today.

(Source: yougottaregatta.org/)

Sources say the promoter also failed to make requested security changes following the shooting that happened after the fireworks at the downtown Fourth of July celebration.