SARATOGA SPRINGS, N.Y. -- The first ever Steeplechase Festival at Saratoga has been cancelled for this year due to low ticket sales.

Organizers announced they cancelled the event because of low ticket sales. They said they needed more time to promote and cover the cost of the September 15th event.

The Steeplechase Festival would have had five steeplechase races with purses totaling $100,000.

All money will be refunded to those who bought tickets and box seats.

NSA will reach out to to sponsors to see if they still want to support next year's event.

Organizers hoped to attract an estimated 10,000 people.