The Women's Tour will not take place this year after organisers failed to find the funding required for the race.
They said last month sponsorship was "urgently needed" for the British event and started a crowdfunding campaign.
But now organisers say it has "proved impossible to deliver the event" because of "increased running costs and a reduced level of commercial support".
Plans are underway for the race to return in 2024, in what would be the 10th anniversary of its first edition.
"The Women's Tour thanks everybody who donated for their unwavering loyalty, as well as all the messages of goodwill that have been sent," organisers Sweetspot said.
"This outcome is incredibly disappointing for the stakeholders set to host this year's race, who have shown great support and understanding throughout this process.
"We will continue to work with them to explore opportunities for hosting world-class cycling events in the near future."
The crowdfunding campaign raised over £18,000 from more than 500 individuals but did not secure the larger deals required. The funding gap remained at around £400,000 when the event was cancelled on Friday.
Refunds will be available to those who contributed to the campaign.
