The race - with a swim in the Serpentine lake, a cycle stage down Park Lane and a run around the Royal Park - would have been an early rehearsal on the course planned for the 2012 London Olympics.

 

It would have been the first race on the course.

 

Details of the event had been revealed exclusively in insidethegames on September 16 2006.

 

But failure to get a major sponsor in time for the event is partly behind the reason to cancel the event.

 

"Staging an event of this magnitude requires significant planning, funding and resources," said Helen Wyeth, the acting chief executive of the British Triathlon Federation.

 

"Unfortunately we have run out of time to secure all relevant underwriting and other commercial partnerships."

 

The news comes on the same day it was revealed that British company BG were ending its worldwide multi-million dollar sponsorship of the sport seven years early.

 

"We remain committed to staging a World Cup event in Hyde Park in the build-up to London 2012,'' Wyeth said.

 

The London race was scheduled for September 14, and would have been the first international race after this year's Beijing Olympics.

 

The organisers aimed to attract the medal-winners to the event, which was budgeted to cost at least $1 million (£500,000).

 

As well as attracting an elite field of professional athletes, the federation also planned to stage associated age group races.

 

With the race in Salford having also lost its World Cup status it means that there is no top level event in Britain for the first time since 2003.