Cricket South Africa (CSA) has chosen to postpone the inaugural edition of the T20 Global League until November 2018 because of financial issues.
The decision comes less than a month before the tournament was set to begin, the announcement made on Tuesday following an emergency board teleconference.
CSA has struggled to negotiate a broadcast deal or title sponsor for the event, with the body's acting CEO Thabang Moroe revealing last week that a $25million loss was expected.
"We have not come to this decision lightly," said Moroe on Tuesday.
"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.
"We will regroup and come back stronger and better. At this time, we also wish to thank all the players, sponsors, broadcast partners, SACA (South African Cricketers Association) and FICA (Federation of International Cricketers) who have committed to the project. We appreciate the continued support of the individuals and organisations who have believed in this tournament."
The Global League was set to consist of eight privately owned sides based out of cities including Cape Town, Durban and Johannesburg.
Postponement means that at this stage, there will not be international or franchise cricket during South Africa's peak season, leaving a gap of two months with no action between the conclusion of Bangladesh's tour at the end of October and the start of the four-day, day-night clash with Zimbabwe on December 26.