FOREST LAKE, Minn. - A long-running Minnesota ice-fishing contest has been canceled for good because of the recent warm winters.

Organizers of the Golden Rainbow Ice Fishing Contest said they were losing too much money on the contest at Forest Lake.

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Poor ice forced the tournament to be canceled in three of the past five years, leaving a sizable debt said Jason Green, contest director for the Hopkins Area Jaycees, which sponsored the event.

During its best years, the event attracted 6,000 to 10,000 anglers. It raised $60,000 to $80,000 a year for charity.

"We just couldn't financially make it happen," Green said. "I'm heartbroken."

But two Forest Lake men say they've formed a corporation to start a replacement tournament. They're calling it the Fishapalooza Ice Fishing Contest, and it's set for Feb. 16. They hope that's late enough in the winter for good ice.

"We thought it was important to have a fishing contest for Forest Lake," said Jim Woods, one of the organizers of the replacement tournament. "It's good for the community

- Associated Press