San Diego Nonprofit Goes Broke Celebrating Fleet Week

The nonprofit foundation that runs San Diego Fleet Week is out of money, and its board has been negotiating with creditors to settle its debts, according to a report.

A San Diego Union-Tribune analysis published Saturday found the San Diego Fleet Week Foundation's deepest deficits are tied to its cornerstone event, the Coronado Speed Festival, a series of auto races, car shows and related events.

The newspaper found the organization was $147,157 in the red at the end of 2015. It has yet to release audited figures for 2016, but Executive Director Larry Blumberg confirmed that revenue shortfalls have pushed the foundation to the brink of insolvency.