Cricket South Africa's troubled T20 Global League has been postponed to 2018 in an embarrassing climb-down for the organisation which launched the tournament amid great fanfare in London in June.
Failure to secure a suitable broadcast package and a title sponsor meant CSA stood to lose about 35 million dollars, representing roughly half of the organisation's cash reserves.
"We have not come to this decision lightly," acting CSA CEO Thabang Moroe said.
"Having discussed it with all our stakeholders including the franchise owners, we believe that the interest of the league should be our first priority. We have re-assessed our strategy and believe that postponing the first edition of the T20 Global League to next year will serve us well."
A number of top international players had been signed for the 2017 competition, including former Black Cap skipper Brendon McCullum, England one-day captain Eoin Morgan and former England batsman Kevin Pietersen.
Mitchell McClenaghan was also set to play.
The six-week tournament, due to feature eight teams, was scheduled to run from Nov. 3-Dec. 16.
Former CSA CEO Haroon Lorgat left his job suddenly last month citing a clash with the organisation's board, widely reported in South African media to be about his role in setting up the T20 Global League.