The organisers of this year's $4 million Hong Kong International Dragon Boat Races have failed to secure a title sponsor and, so far, have no way of plugging a shortfall of $1.5 million to $2 million in their budget. 'We won't be having a title sponsor this time,' Hong Kong Dragon Boat Association president Mike Chung Chi-hung said. The two days of races will take place from June 18-19 at the Tsim Sha Tsui East waterfront. The association, which is organising the event, said expenses had increased by between $1 million and $1.5 million as a result of the races returning to the harbour waterfront, instead of being staged on the Shing Mun River in Sha Tin. The higher set-up costs and lack of sponsors had already forced organisers to tighten the budget, including about $200,000 of advertising on Commercial Radio. 'We simply don't have the money,' a source said. The races will go ahead with roughly $920,000 of advertising on TVB. Last year organisers spent about $150,000 and $800,000 to publicise the event on radio and television respectively. Sea and land set-up costs alone total about $2 million, which is about the amount of funding organisers have so far managed to secure from smaller sponsors. The other major item on the budget that needs to be addressed is sponsorship for the international teams. Mr Chung said about 20 overseas teams had registered for the races. However, sponsors have only offered to put up about one-third of them in hotels. With 20 teams, each with up to 30 members, the international contingent will be 600-strong. Assuming double occupancy, this will mean at least 300 rooms. However, only a little over 100 hotel rooms were being sponsored, the source said. Organisers are still trying to finalise talks with the Hong Kong Tourism Board on sponsorship.