The naming rights sponsor, Placemakers, withdrew, having announced at the weigh-in that it was there for the long haul.
"We haven't been able to replace them yet," Mr Collard said, "and the council hasn't been much help either."
This year the council supported the tournament to the tune of $15,000, and had indicated that it would maintain that sum, or possibly increase it.
An application was made according to the council's process, and repeated when the first application was lost.
When the staff member they had been dealing with left the offer was reduced to $5000.
"The council doesn't feel that this five-day competition, which we estimate brought $4.7 million into the local economy over the last three years, is as valuable as the one-day State Ocean Swim in Paihia, which gets $25,000 from the council every year, and claims to have injected $2.8 million into the economy over the last three years" he said.
"Of the $80,000 that the council budgeted to support events this year, $75,000 went to the Bay of Islands and $5000 to Te Hiku."
The council had claimed that the contest organisers had repeatedly failed to provide a business plan, but until this year they had not been asked for one, Mr Collard said.
They had been told on two occasions that the information they had provided was adequate. Mr Carter said earlier this week that he was confident that the problems would be resolved.
"This is a wonderful event for the whole Far North, and it is absolutely crucial that it continues."
- Mr Collard said he had taken no part in discussions within the council while he was an elected member. Having lost his seat on Saturday, he was now free to speak. He also promised that anyone who had paid for 2017 would be fully refunded if the contest did not take place.