MIAMI (AP) — City officials said they will try to find a sponsor to keep the Orange Bowl Parade alive after organizers voted to scrap the 65-year-old tradition, citing financial losses.

Orange Bowl Committee President Al Cueto said the parade was losing up to $200,000 annually. The financial drain made it difficult for the Orange Bowl to compete with other Florida bowl games hoping to host upcoming national college football championships, he said.

"We have been underwriting the parade for the last five years and the parade still suffers from poor quality," Cueto said Monday after the committee made its decision on a 120-1 vote Monday.

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By canceling the parade, Miami could instead use the money to help pay for the costs associated with hosting the Orange Bowl game, Cueto said.

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