However organisers remain hopeful of getting financial backing before the major event. 

Bendigo Madison secretary Rik McCaig said the international event was arguably the biggest cycling and athletic event in Australia. 

He said the men's criterium has been on for the past 10 years, while the female event had only run twice. 

He said cycling was synonymous with Bendigo and hoped there would be someone in the community willing to back the women's race, which would be staged on the streets of the CBD. 

"We have only had a couple of women's criterium races because we haven't been able to get a sponsor," McCaig said. 

"This year we are hoping to lift the profile of women's racing at the carnival." 

McCaig said the Saturday night of racing at the Bendigo Madison has been billed as a night of top women's racing. 

"We are determined to increase the profile of women in sport, we won't be detered if we can't make it happen this year, we will continue to push for the criterium next year," he said. 

"We aren't giving up. 

"We see the women's criterium as a valuable part of the carnival.

"We want to make it a stable of the carnival and we are confident we will be able to do that."

McCaig said despite the Madison committee raising up to $200,000 to run the event each year they were unable to attract sponsors. 

He said while other sporting events were struggling to maintain their carnivals, but the Bendigo Madison was bucking the trend. 

"In the past few years we have been able to grow the event and in the future we hope to continue to add more races to our event," McCaig said. 

McCaig said if anyone wanted to throw its support behind the women's criterium they could visit www.madison.org.au

"We are flexible and can tailor our packages," he said.  

The Madison will be held on March 6,7 and 8.