The agency that won the 2005 World Aquatics Championships for Montreal four years ago is closing shop, but competition organizers are not ready to turn out the lights, says Richard Pound, co-president of Montreal 2005.

"It's important not to throw in the towel while there is a slim glimmer of hope," Pound said yesterday after a meeting with members of the championships organizing committee.

Internationaux du Sport de Montreal, the agency that won the bid in 2001, has come under fire from some members of Parliament who want an investigation into funding for events that are later cancelled for lack of money.

The promotions agency is wrapping up operations "as far as I know," said Pound, who sits on the ISM board. "It may emerge from the ashes, but that has yet to be determined."

Pound said he is heartened by the city's offer to cover any deficits if the Federation internationale de natation reverses its decision to cancel the championships, which had been slated to be held here in July.

He dismissed criticism that government funds for Montreal 2005 - Ottawa has doled out $13.4 million in cash to date - have been unwisely spent.

The committee's operating expenses, including office rent and salaries, are less than $5 million, Pound said. The rest of the money is needed for licensing and broadcasting fees as well as travel and hotel deposits, he added.

The organization's finances are regularly audited, he noted, and federal, provincial and municipal representatives sit on the committee.

Pound took some comfort from the intense media coverage of the funding crisis that torpedoed Montreal 2005.

"If we get to go ahead, one advantage of all this publicity is that everyone knows about it."

acarroll@thegazette.canwest.com

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