PORTLAND, Maine — Maine’s Roman Catholic bishop is sticking by his decision to shut down a parochial school that was established 147 years ago in Portland.

Bishop Richard Malone said Tuesday that the Cathedral Catholic School will close as previously announced at the end of the school year because of financial problems.

Malone reconsidered the closure after a parents’ group came forward with a plan and a $400,000 pledge from a benefactor to pay off debt with a goal of saving the school, but he said financial problems would persist without guaranteed funding in the future.

Malone already delayed a recommendation three years ago to close the school, which serves 136 students from preschool through the eighth grade.