Balloon Classic getting out of the balloon festival business

The Colorado Balloon Classic says it will operate as a consulting firm from here on out.

Last year, organizers of the balloon classic announced the event would be leaving Colorado Springs after 38 years and that it was searching for a new home for the annual hot air ballooning festival.

On Wednesday, organizers said that the balloon classic will no longer produce any stand-alone balloon festivals and will operate in a consulting position only.

Organizers say they encourage everyone to participate and support other hot air balloon festivals.

A new Labor Day weekend balloon festival is being planned for Colorado Springs. You can read more about that here.