FRANKFURT (CP) - The 2005 world aquatic championships have been pulled out of Montreal due to financial problems.

FINA, the world governing body for aquatic sports, made the decision at a special meeting Wednesday, saying Montreal had not met the requirements to host the July 17-31 event.

The decision from FINA's 22-member bureau was unanimous.

"The FINA bureau regrets having had to make this decision but this was necessary to secure the holding of the championships 2005," FINA said in a release.

In Montreal, organizers issued a statement that said it received the news with "deep regret".

"The organizing committee always remained confident that it could organize successful championships in Montreal. However, the decision from FINA is the result of various partners not able to come to a compromise on the financing of the championships."

It said ticket-holders would be reimbursed and that an "orderly closing of the operations" would take place in the next few days.

The event, which includes swimming, diving, water polo, synchronized swimming and endurance swimming, had a severe cash shortfall due mainly to an inability to attract sponsors, whom organizers had hoped would contribute $12 million of the event's $36.5-million budget.

FINA had given the Montreal organizing committee until Tuesday to provide assurances it will be able to meet the budget set when the event was awarded during the 2001 world championships in Fukuoka, Japan.

Deadline pressure seemed to spur some action.

Tourism Montreal announced Tuesday it would contribute $500,000 to save the event while the Aquatic Federation of Canada said this week it would forgo the $500,000 legacy it was to receive from the championships.

The Conseil du Patronat, Quebec's top employers group, pledged about $4 million it was due from a tax on business to fund youth programs.

But FINA said Wednesday it wasn't enough to save the event, which was expected to attract 2,000 athletes, coaches and officials, plus thousands more Media and spectators.

It's the latest blow to the city, which also lost the World Games, an over-30 event, and the Gay Games in the past year for various reasons and said goodbye to baseball's Montreal Expos.

FINA is accepting bids from other cities interested in hosting the championships. The new city will be announcement no later than Feb. 15.

California's Long Beach which lost out to Montreal in the initial bid, had been cited as a possible replacement host. But officials there said recently they would not have enough hotel rooms available in July.

Athens, the host of the 2004 Olympics, is also a possible replacement.

The Greek swimming federation said Wednesday it was ready to step in.

"FINA has proposed to us that we host the swimming championships and we referred the request to the government," federation spokesman Fotas Chitos said. "We are prepared to host the event if it is not held in Montreal."

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