A rack of Nice Ride bikes previously at the corner of 2nd Avenue S. and 3rd Street S. in downtown Minneapolis. (Jeff Wheeler, Star Tribune/The Minnesota Star Tribune)

Nice Ride's green bikes are pedaling into the Minneapolis sunset.

Lyft, which operates the bicycle- and scooter-sharing nonprofit, confirmed Wednesday that they're suspending operations in Minneapolis because they've been unable to recover after losing a major sponsor.

"We have made the tough decision to suspend our operations of the Nice Ride system at the completion of our one-year license after losing the system's presenting sponsor," Lyft, which pays operating costs, said in a statement. "Since losing the presenting sponsor, we have worked tirelessly to find a new sponsor but have not been successful. We will continue to work with our local partners to look for opportunities to provide service again in the future."

In November, Blue Cross Blue Shield of Minnesota announced it would end its sponsorship. The health insurer, whose logo appears on Nice Ride's pedal bicycles and e-bikes, had been the primary sponsor of the program since its inception in 2010.

The loss is a blow to cycling and pedestrian advocates in Minneapolis, which has incorporated increased use of scooters and bikes into its transportation planning as an alternative to cars.

In a statement, city spokeswoman Sarah McKenzie said: "The city is disappointed that Lyft could not find a new private sponsor to support their operation of the Nice Ride system. Regardless of the outcome, the city has other licensees in the Shared Bike and Scooter Program interested in providing shared bikes, ensuring that the city will have bikes in the program this upcoming season."

Blue Cross supported Nice Ride via millions in annual payments, and its announcement last year to pull out left Nice Ride facing a $2 million shortfall in 2023.

According to Lyft, the financial model for Nice Ride is based on a level of outside funding, either from private sponsors or public funds. The nonprofit was facing similar financial challenges in several other cities last year.

Nice Ride Minnesota's network includes the city of Minneapolis, as well as the University of Minnesota's St. Paul campus. Nice Ride bicycles can be rented from any one of a number of locking bike racks via an app. Customers pay per trip or by a monthly fee.

A Lyft spokesman said bike stations and other equipment would be removed when the weather warms.