The Rio-based Tecnosolo construction company filed for bankruptcy, forcing the city's municipal government to hand the project over to a subcontractor working on the velodrome.

The city said on Monday the velodrome was 88 percent complete and the change would not impact the completion of the project.

The $43 million (38.6 million euros) cycling venue has already missed several construction deadlines and will not hold a test event. Instead there will be "training session" in late June, only six weeks before the start of the games on August 5.

Rio Olympic spokesman Mario Andrada told AP the delays could impact participation.

"We're going to open the track, but the UCI (world governing body of cycling) has told us it's very unlikely that any international cyclists will come. It's too close to the games," Andrada said.

Last week, the head of world cycling's governing body said he was "very, very concerned" about the velodrome.

The Rio Olympics have been hit by a number of setbacks, including concern over the Zika virus, safety, budget cuts, slow ticket sales and the ongoing political crisis in Brazil.

cw/jr (AP, Reuters)