Organizers of the Sperry Top-Sider Charleston Race Week say the event is on solid footing and will continue even if the South Carolina Maritime Foundation can no longer play a part.

The foundation announced Monday that it is trying to sell the Spirit of South Carolina tall ship and is running out of money for its programs as the organization struggles to pay more than $2 million worth of debts.

The foundation had partnered with the Charleston Ocean Racing Association to put on Race Week, a popular regatta that draws people from across the country. The racing association ran activities on the water while the foundation handled administrative duties and shoreside events, event director Randy Draftz said.

The racing association has now assumed full management duties and the event with proceed as scheduled, Draftz said. "Race Week is just fine," he said. "It's going to go on the way it always has."

The event is expected to draw nearly 300 boats in April to compete on six different race courses, a 15 percent increase in participation over this year.