Two separate Liffey Swims have been organised this month due to a row over who should host the historic contest.
Leinster Open Sea, who have run the swim for the last number of years, accused the governing body for swimming, Swim Ireland, of trying to take control of the event.
But Swim Ireland said it had concerns about governance at Leinster Open Sea and that the swim had always been run under its auspices.
The Liffey Swim has taken place in the centre of the Dublin city for more than 100 years and qualifying for the event is a source of pride for many in the swimming community.
Leinster Open Sea, who have run the event in recent years, have arranged a Liffey Swim to take place on Saturday, 21 September.
They claim they were "blindsided" when Swim Ireland announced it was running a Liffey Swim this coming Saturday, 7 September.
The two sides had been involved in mediation, but those talks have failed and now both parties say they are proceeding with the swims in a move that is dividing the swimming community and presenting a dilemma for many participants about which event to take part in.
Sarah Keane, CEO of Swim Ireland, said they had decided to run a separate event due to governance concerns it has about Leinster Open Sea.
"We have governance concerns about how they operate generally. We feel they don't understand the landscape of how events are run now, and what's expected, that they don't fully understand that or appreciate that.
"We have governance concerns in relation to what they're proposing to the member clubs. They've asked the member clubs to remove us from the Constitution, to remove any oversight, so that they would be a completely unregulated entity.
"They have said no to a health and safety audit from us. We want to work with them and we've offered them to come in. We believe our demands are reasonable."
Ms Keane also said she believes the death of two swimmers at a triathlon event in Cork last year has changed the way such events need to operate.
"There are risks with these events. So from our perspective, we feel our governance demands are clear. We have asked them to do a financial audit. They just won't agree to that. They won't agree to a health and safety audit. It's just not in line with what's happening in the country now.
"We want the community to be reunited. We recognize the dedication of so many of those volunteers. The Liffey Swim has been run for 100 years under the custodianship of Swim Ireland and its different volunteers who've stepped up to the mark, supported by us to do so.
"If we want to maintain the tradition for the next 100 years, it has to be different groups of volunteers working within a structure, within the governing body. As a CEO of a national governing body, I have to work in the best interest with our board and staff of the whole of the membership."
But Brian Nolan of Leinster Open Sea says it complies with all governance required of an organisation of its size and accused Swim Ireland of trying to take over the event.
"It's high profile. It's a very, very unique event. It's one of the last swims through a major city in the world, and it just goes from strength to strength. They just want to be part of the success.
"We're blindsided, we really are. We have invested an awful lot of money. We have bought the Jack B Yeats medal, the t-shirts, the hats, the prizes and all on voluntary time. It's David and Goliath here."
He said the sponsorship from running the Liffey Swim and another race helps sustain Leinster Open Sea's other racing events.
He described the decision to run two races as "soul destroying", saying it had divided the swimming community and it is "really getting to people".
Asked if it was going to issue a licence for both events, Dublin City Council said it will if there are no objections by statutory agencies to running both events.
"Meetings for both events have taken place with all relevant statutory agencies: the HSE, An Garda Síochana and Dublin City Council deptartments including Dublin Fire Brigade and Transport Agencies.
"In general, for all outdoor events not requiring an Outdoor Event Licence, a Decision Notice is issued approximately two days out from date of event, stating that none of the statutory agencies have any objection to the event proceeding as outlined in the organiser's Event Management Plan."
However, Lord Mayor of Dublin James Geoghegan has appealed to the sides to come together, saying that it would be better for the city of Dublin if just one Liffey Swim was held.
"Look, I'll launch both events if I'm asked to launch both events, but I think it would be preferable if the two sides could get together and we have one single Dublin Liffey Swim. That's my preference and I suspect most of the swimmers who participate, I think that's probably their preference too."
In a letter to members issued last night, Swim Ireland said it was very keen to move beyond the current impasse but that due to the costs involved, it was not feasible to cancel their swim this Saturday.
It said it has invited Leinster Open Sea and its members to join their promotion, organisation and running of the 104th Liffey Swim.
It also said that Swim Ireland will bear the financial burden of the event which it said generally runs to a significant loss.
It told members that last week it received a letter from solicitors acting for Leinster Open Sea, threatening to apply for an injunction against Swim Ireland if they proceeded with their event because Leinster Open Sea claim they own the rights to the Dublin City Liffey Swim.
It said that as an unincorporated body, any legal instructions and the costs associated with it must be authorised by the members of Leinster Open Sea, but that the group had not confirmed if members had authorised this action, which it pointed out would have a significant financial cost of doing so.
However, Swim Ireland said while the threat of litigation was unwelcome, it remained open to mediation and questioned if Leinster Open Sea did want to find a real resolution.
It said while Swim Ireland continues to recognise the experience and dedication of many members of the Leinster Open Sea committee, there had been a very serious breakdown of trust between the parties.
It said some in the swimming community "wish for the tradition of the swims to be continued and protected within the framework of the governing body".
Swim Ireland said their event will proceed on Saturday with the women's race at 1.15pm followed by the men’s race at 2.30pm, and that registration remains open until 5pm tomorrow.
In a letter to its members issued this morning, Leinster Open Sea said it was a not-for-profit swimming club and its ethos was to run safe, low-cost races that are accessible to all.
It said Swim Ireland had only shown an interest in open seas races in the past five years and accused the organisation of trying to take control of the event.
"Since the dawn of time when a small entity has something valuable, a larger, more powerful organisation tries to take control on the grounds of governance, health and safety," it said.
It said Leinster Open Sea had no problem affiliating with Swim Ireland under fair and equitable terms, but it said that what Swim Ireland was trying to do was "take over Leinster Open Sea by stealth".
It said it has "enormous experience" in running sea swimming races and it accused Swim Ireland of making "unsubstantiated attacks" on their safety protocols which they have said are unfounded.
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