First run 30 years ago, the 44km multistage race — in which latterly about 450 competitors ski/board, cycle, kayak, run and cycle again between the Remarkables and Coronet Peak skifields — missed two editions due to Covid, but resumed again two years ago.
It was due to be held at the end of this month, but race director Adrian Bailey, who admitted he was "absolutely gutted", said he and co-owner Warren Bates had to make the "difficult decision" to can it.
He said operational costs for traffic management and medical compliance costs had been rising.
"It’s just getting a bit out of control."
"It’s just very, very hard."
On top of that, costs now included paying 30-plus staff to run the event.
"The last thing we want to do is put the entries up so sky-high that people can’t contemplate even entering the event, so we just had to bite the bullet for this year and fingers crossed the economy will be a bit more stable going forward and we’ll find a title sponsor," Mr Bailey said.
"It is unfortunate, but it’s the best decision right now and we’ve just got to focus and be positive for next year.
"The event has got a lot of history, it’s an iconic event and we’re determined to keep it on track, but it’s not possible this year."
