This year Saskatoon residents will only have the Remembrance Day ceremony to honour veterans, as the Canada Remembers Air Show has been grounded.

"Management of the Credit Union Centre, and also the board, have been looking at the show and it has not done well financially,” said Will Lofdahl, the CEO for Credit Union Centre, the company that has been organizing the show.

Along with high fixed costs, such as bringing in talent, and the entire event hinging on good weather, the air show has become to expensive and continually suffers from big losses, Lofdahl said.

Last year’s air show recorded a loss of more than $166,000, he said in a press release sent out late Friday evening.

Even with the financial losses, Lofdahl said the decision to stop the event was difficult.

"It's a very important event because it is a tribute to the veterans, but it's not the only tribute to the veterans that we do every year. We also do Remembrance Day,” he said.

Also, the centre is looking forward to having the Memorial Cup in 2013, which will also be a tribute to veterans, Lofdahl said.

"It is something that our management (and) our board have been looking at in recent years as to whether or not it's an event that we want to go forward with in the future," he said, adding that the decision was not unexpected.

Lofdahl said this decision doesn't have anything to do with the firing of two employees earlier in the year.

Edited by News Talk Radio's Jared Knoll.