Quiksilver has announced that it will not be sponsoring this year’s iconic big-wave surfing competition known as “The Eddie.”

Quiksilver, Red Bull and the Aikau family had previously agreed to sponsorship terms for the world-famous event until Saturday, when new terms that were introduced could not be met.

“When the family declined to surrender control of the Eddie for five years on the terms Quiksilver was demanding, Quiksilver terminated negotiations,” the Aikau family stated.

For more than 30 years, Quiksilver and the Aikau family have partnered to put on the contest at Waimea Bay, which occurs only when there are consistent waves of at least 30 feet in the bay during a three-month period. The competition has happened only nine times since it began in 1984.

It is named after Eddie Aikau, who was a champion big-wave surfer and Hawaii lifeguard.

The status of the contest going forward is unknown, the family stated. It will negotiate potential contracts with other sponsors.

“After long, hard negotiations with the Aikaus, there just wasn’t enough time to put on a proper contest,” Glen Moncata of Quiksilver said. “Even though the parties were unable to reach an agreement, Quiksilver remains open to continuing discussions for a 2018-2019 event and beyond so that all parties can better prepare for the event.”