One of the two groups vying to operate the Boathouse restaurant and music venue in downtown Kitchener’s Victoria Park has pulled itself out of the race.

In a statement issued Monday night on Facebook, musician Danny Michel and restaurateur Glenn Smith announced they were abandoning their plans to reopen the facility as the ‘Jubilee Music Hall’ due to concerns over how much they would have to spend on renovating the building.

“We feel it is not possible to move forward without a level of risk that would be unacceptable for all of us,” they said.

“We admire the city’s goal to keep a live music venue going and look forward to both the re-opening and to being patrons of this great venue.”

This leaves only one group officially in the running – music promoters Cory and Curt Crossman and Bill MacTavish, owner of the Imbibe restaurant in downtown Kitchener.

They have said their plan for the venue would include extensive renovations funded out of their own pockets, various genres of music and a commitment to high-quality food.

The Boathouse, which is owned by the City of Kitchener, was previously operated by Kevin Doyle.

He was forced out in September over unpaid rent.