The Amgen Tour of California race has been canceled for 2020 and is taking a hiatus, according to The Associated Press. The halt in action comes due to a change in business fundamentals, according to race owner AEG.

It's not clear what the future holds for the race, which has has been run for the last 14 years. AEG tweeted out a message thanking their fans for support. 

President of the Amgen Tour of California, Kristin Klein, further explained what caused the cancellation of the event to be cancelled next year. 

From the San Luis Obispo Tribune:

"This has been a very difficult decision to make, but the business fundamentals of the Amgen Tour of California have changed since we launched the race 14 years ago. While professional cycling globally continues to grow and we are very proud of the work we have done to increase the relevance of professional cycling, particularly in the United States, it has become more challenging each year to mount the race."

Whether or not the race will resume in 2021 has to do with creating a successful business model, which is not as easy to do as it once was

"This new reality has forced us to re-evaluate our options, and we are actively assessing every aspect of our event to determine if there is a business model that will allow us to successfully relaunch the race in 2021," Klein added. 

For California, the race did more than just expose the sport of cycling -- it helped local towns and cities generate tourism.

Jorge Garcia, the Management Services director of Pismo Beach, last year's starting point city, told the San Luis Obispo Tribune that the race generated $140,000 for the city every year it hosted as the start of a stage.

"We do hope it comes back in 2021," Garcia added.