There's some bad news even as Hong Kong celebrates its astonishing soccer gold at the East Asian Games (EAG). During last Sunday's parade to celebrate Hong Kong's penalty shootout victory over Japan in the soccer final, the Hong Kong Football Association (HKFA) announced that the traditional Lunar New Year Tournament might not be held this year. HKFA chairman Brian Leung Hung-tak said it is likely to be replaced by another competition. Leung said the HKFA is seeking funding from the government to organise a free-admission youth tournament in February at a cost of HK$300,000. The association is reeling from a HK$10 million loss over the past two seasons. It is expected to be similar this season, too. One of the potential cost-cutting measures is to axe the Lunar showpiece. Traditionally, there are two matches on the first day and third day of the Lunar New Year. Launched in 1969, the tournament used to be an important part of the festival, attracting thousands of soccer fans and making a fortune for the organiser. But it has not been making any money in recent years. In fact, it recorded a huge deficit of more than HK$4.5 million last year and a loss of HK$500,000 this year, mainly due to poor attendance. Sports supremo Timothy Fok Tsun-ting, who watched the Lunar New Year Cup this year, said it was a shame to see so many empty seats at the Hong Kong Stadium. Another problem is that next year's event clashes with the 2010 East Asian championship. Hong Kong qualified for the tournament to be held in Japan, and will be competing on February 14 - the first day of the Lunar New Year. With the absence of most leading local players, including EAG hero Chan Siu-ki, it would be even more difficult to draw the crowds. Soccer fan Daniel Ng Yan-chak said: 'After the gold medal in the East Asian Games, I'd really like to see Hong Kong put up a great performance at the Lunar New Year Cup. I'm really disappointed to hear it's going to be cancelled. 'I won't spend my time watching the youth tournament even if I don't have to pay for the ticket.'