The Perimeter Bicycling Association of America has found a new title sponsor for the El Tour de Tucson bicycle race for the next three years, and a new beneficiary for the millions of dollars it raises each year.

Announcement of the sponsor and beneficiary was scheduled Wednesday, but has been delayed as race organizers await tour registration, and the go-ahead from the sponsor's national representatives.

The sponsor is a national organization with a local office, and it wants to announce the news nationally and locally, officials with Perimeter said Wednesday.

Additionally, the registration for the November 2014 race is not yet available, and Perimeter said it wants to make the announcement at a time when people can also register for the race.

Last year, the race faced a $250,000 funding hole after University of Arizona Medical Center's title sponsorship contract expired. Race organizers said a new sponsor was necessary, but had not secured a long-term contract until now.

Each year, El Tour de Tucson race attracts thousands of people from Arizona and elsewhere to Tucson.