The mayor of Gary says the Gary Air Show, which was scheduled for July, has been canceled. Karen Freeman-Wilson says the city risked incurring a $350,000 debt and cannot afford to host the show.

Freeman-Wilson says the city was unable to secure all of the sponsors needed to host the show. In a statement, she said she believes a fully-sponsored show is possible and the city will begin work on making the show happen in 2018.

Our partners at The Times of Northwest Indiana report Monday was the deadline for the city to notify the air teams scheduled to perform at the show. The U.S. Navy Blue Angels and the U.S. Army Golden Knights were slated for this year's show.

Mayor Freeman-Wilson's full statement is below:

The Gary Airshow is one of the most exciting events in Northwest Indiana. It is also an opportunity to provide recreational opportunities for residents and show off two of our greatest jewels, the Gary Chicago Airport and Marquette Park. Notwithstanding these and other positive benefits, the risk inherent in incurring a $350,000 debt without having secured all of the sponsors cannot be justified under our current financial conditions. Our first job is to be a good stewards and our team has determined that we cannot afford to host the Gary Air show. We know that a fully sponsored show is attainable and we will begin immediately to work on making that happen.