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Decline in Races - Why is this happening?

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Many will have seen a recent announcement that the Highland Fling maybe following the demise of so many other races with even the Mont and the Kowalski coming to an end this year. I'd be interested in what people think as to why these things are happening. Is it:
1. These races are run for profit and not volunteers and therefore are prone to declines in sponsorship?
2. That people are changing habits and want to do more downhill when these races are marathon by nature?
3. That we're not promoting the sport enough?
4. That the races were just not that enjoyable?

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