The City issued a press released yesterday announcing that Canad Inns has pulled out of the deal to build a $43.6 million waterpark at its Polo Park location.

Last year the city announced that it would be providing Canad Inns with $7 million in funding to build a 66,000 square foot water park that will be attached to its Polo Park location.

Mayor Sam Katz says the reason Canad Inns backed out could have been for one, or a combination of issues. The official statement was that Canad Inns is not in a position to proceed at the site at this time.

Mayor Sam Katz still expressed his interest in a new water park in Winnipeg and says the money will be reserved for a future waterpark deal.