Two of Spain's top road cycling races, the one-day San Sebastian Classic and the Tour of the Basque Country stage race are in danger of disappearing because of the country's economic crisis, organizers announced earlier today.

The Organizaciones Ciclistas Euskadi organizing company faces a shortfall of 150,000 euros ($201,900) in this year's budget for both races.

"Right now, it's difficult to find a sponsor for even 1,000 euros," company president Jaime Ugarte said.

"We can't face up to (paying) that kind of amount. It's not huge, but we haven't got it. Nobody here is paid a wage, we're all volunteers.

"There was an agreement which the Basque regional government -- until this year the main race sponsor -- cannot fulfill because of the economic situation. We're waiting for a solution, but right now, we've got nothing."

The 31-year-old San Sebastian Classic, which takes place every August, is Spain's biggest one-day Classic and the 51-year-old Tour of the Basque Country, held in April, is second only to the Tour of Spain in terms of importance in the country.

The roll of honor of the races reads like an abbreviated version of cycling's hall of fame.

Multiple Tour de France winners Lance Armstrong and Miguel Indurain have won the San Sebastian Classic, while five-times Tour champion Jacques Anquetil and 1973 Tour de France winner Luis Ocana have clinched the Tour of the Basque Country.

Both Basque races, held in Spain's cycling heartland, have enormous followings among local fans, boosted by Easter and summer holiday makers.

Cancellation would mean only two Spanish races, the Tour of Spain and Tour of Catalunya, remained in cycling's top league, the World Tour.

In Spain's embattled economy, a lack of sponsors has caused cycling's calendar to shrink with another top event, the Bicicleta Vasca stage race, fusing under economic pressure with the Tour of the Basque Country two years ago.

Other top races like the Vuelta a Valencia, Setmana Catalana and GP Luis Puig have disappeared in recent years because of financial pressures.

"The races' total budget is 1,000,050 euros, but we're lacking the 150,000 euros for 40 percent of the main prize money," Ugarte said.

"Nobody earns a single peseta here, not even the men who put up the barriers at the starts and finishes.

"If a moment comes where you have to say 'we've enjoyed the experience, we've lived through it, and it's over', then that moment comes.

"But right now, in any case, I don't enjoy it, I spend too much time wracking my brains working out how the races can possibly continue."

Ugarte has set a deadline of March 5 for a new sponsor to appear after which he will have to announce the cancellation of the races.