Cllr Dessie Larkin was speaking following a public outcry against objections to the staging of the inaugural Letterkenny Urban Downhill cycling race on May 7th next.
The event had been given the approval of the local council and looked set to reap major tourism revenue with bikers coming from across Europe to take part.
However Donegal Mountain Bike Club was forced to cancel the event this weekend after a local business lodged a formal objection to the event.
The event was due to see dozens of mountain bikers race through the streets of Letterkenny from St Eunan’s College and throughout the town.
Cllr Dessie Larkin said he did not know the identity of the objector but pleaded with them to reconsider their stance.
“I honestly don’t know who the objector is and I am not sure of the reasons for their objection.
“It is probably too late for this year but I would ask them to sit down with the council for next year so we can talk through their concerns.
“I would like to think that when that happens we could impress upon them that not only would their business not suffer from the staging of such an event but that it might benefit,” he said.
Cllr Larkin paid tribute to all those involved in bringing the race this far.
”I would like to pay tribute to the three men who brought this plan before the council.
“It was perhaps the most professional submission ever made to the council. I do hope that we can sit down and resolve these matters.
“Such an event has huge tourist potential and we hope that will not be lost,” he said.