Professional Rodeo Cowboys Association officials say its decision to move to Albuquerque, New Mexico, happened after that state offered them $17 million.
Commissioner Troy Ellerman says the unsolicited offer from the New Mexico Legislature includes $12 million for a new headquarters and Hall of Fame building, and a five million dollar cash grant.
Plans are also in the works for a $30 million project for an equestrian center next the association's new headquarters.
Ellerman says the group tried finding help to keep it afloat after it reported being three-point-six million dollars in debt.
The PRCA sanctions more than 650 rodeos each year, drawing 24 million fans.
The organization has been based in Colorado Springs since 1979.