The Royal Glenora skating club, renowned for being the training ground for many Olympic figure skaters, is set to shut down for good at the end of May.

Club president Jeremy Thiesson says the skating centre needs an additional $2 - 4 million to keep running, which the organization's board has decided against.

"There’s not the appetite there to take on the additional debt. We want to be fiscally responsible moving forward," he said.

The Royal Glenora is nationally-recognized as an incubator for Canadian figure skating talent, serving as the training grounds for names like Kurt Browning, Kristi Yamaguchi and Jamie Sale.

"They love to be there.  They love the atmosphere and the environment of the Royal Glenora," Thiesson said.

"I think Kurt Browning put it best when he said the Royal Glenora is home."

The  facility recently received a $1 million grant from the federal government for renovations. Thiessen says the money was used to rebuild parts of the skating centre that were past their lifespan.

 None of the money was used on the rink itself, which is beginning to show its age, he says.

Despite the decision to close the the skating rink, Thiessen says the rest of the Royal Glenora Club will continue to stay open.

"I would say that the club is healthy."

Thiesson says the final day of the skating club will likely be May 31.