Rio de Janeiro's city government said on Monday it had canceled its contract with the company constructing the Olympic velodrome about two months before the start of the Summer Games in Brazil, after the firm filed for bankruptcy protection.

Rio-based Tecnosolo "did not have the conditions to continue being technically responsible for the construction of the velodrome," the municipal government said in a statement.

The city said the change would not impact the value or delivery of the project, which is set to be handed over to Olympic organizers in June.

Tecnosolo did not immediately respond to a request for comment. Rio 2016 Olympic organizers referred questions to the municipal government.

The velodrome is the most delayed of Rio's permanent Olympic venues. An indoor cycling test event set for the end of April was canceled in March because it was not ready.

The construction of the venue, which the city government says is 88 percent finished, has now been handed over to Engetécnica, another Brazilian company that has been working on the project as a subcontractor since February.

In March, Olympic organizers said the delays had partly been due to logistical issues in laying the track, which is made of Siberian wood.