The Sri Lanka Premier League has been cancelled this season, ostensibly due to a lack of interest in franchise investment, reports the Daily Mirror.
Sri Lanka Cricket took the decision after an emergency meeting with SLPL organiser Somerset Entertainment Ventures on Tuesday night.
The lucrative league brought in £1.5 million profit for the SLC during its inaugural season, according to the report.
The league had set a deadline of noon on Tuesday for franchises to deposit payments and guarantee fees for players involved, but no franchise met this deadline.
Sri Lanka Cricket was left with little option but to cancel the competition for this year, said the Daily Mirror.
According to the article, three investors had indicated a desire to continue the tournament in 2013, but would not meet the financial obligations unless other investors committed to the SLPL.
It is not the first time the tournament has been clouded by controversy, with the initial launch year of 2011 shelved after Indian players were not allowed to compete by the BCCI, as Tariq Engineer of ESPNcricinfo reported.
The article stated that the Board of Control for Cricket in India had withdrawn the Indian players due to SEV handling the international players' contracts, which could lead to disputes over payments.
In 2012, high-profile players such as Shahid Afridi and Lasith Malinga were involved with the Ruhuna Royals, while Shoaib Malik and Chris Gayle were recruited for eventual winners Uva Next.
However, the Uva team's success was marred by late payments to players, as Andrew Fernando of ESPNcricinfo reported.
The franchise will be unable to defend its title this year.
The player auction for this year's tournament had been scheduled for July 14 but was put back by six days. The tournament has now been shelved for the year.