Deadline for State Fair financial plan looms

RICHMOND, VA (WWBT) - We're less than 12 hours away from hearing more about the fate of the VA State Fair.

Many people and families in Virginia don't want to see this long-time tradition go, but that could happen unless the fair comes up with a plan to manage its growing debt.

In January alone records show the State Fair lost more than half a million dollars.

Last year the non-profit group that puts on the event filed for bankruptcy to keep lenders from controlling the fair's assets according to the Times Dispatch.

A U.S. bankruptcy judge gave the State Fair until today to come up with a game plan to operate the event and keep the Meadow Event Park for the next year.

Right now State Fair officials have not said if a proposal has been submitted.

The organization ahead of the State Fair has until 5:00 Wednesday evening to propose it's financial plan to a lender group.

If it doesn't we may not see a fair this year. We'll keep you posted on any updates.

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