SCOTTISH Widows announced it would no longer be sponsoring the annual Parish Walk event in August.

The company had sponsored the annual event for 22 years and has contributed more than £200,000 over this period.

Dean Waddingham, the managing director of Scottish Widows in the Isle of Man, said: "We are proud to have enjoyed a successful and productive 22 year partnership with the Parish Walk through Clerical Medical and Scottish Widows.

"Our involvement has helped the event grow in stature and popularity attracting walkers from all over the UK and overseas.

"However we feel that the time is now right for us to explore new initiatives. We are working with the organisers to make sure that the search for and transfer to a new sponsor can be an orderly process and remain committed to the Isle of Man through other projects."

Scottish Widows said they had given the Parish Walk organisers a year's notice to find a suitable replacement sponsor.

Raymond Cox, race director for the Parish Walk, said: "While we are sad our partnership with Scottish Widows is drawing to a close, and immensely grateful of the support Manx Harriers have received over the 22 year partnership, we are looking forward to building a new relationship with a new sponsor.

"The 2011 Parish Walk saw a record number of participants and its profile has never been higher and we have already had early discussions with interested parties."

Update: In October it was revealed that Manx Telecom had stepped up to take over the sponsorship of the event. For more on this click here.

This story is part of isleofman.com's Review of the Year 2011.