The inaugural G-A-Y awards will not now be televised on Sky One on 1st December to coincide with the 20th anniversary of World AIDS Day.
The awards will be held at the London Astoria on the 29th and 30th November, and were to be filmed by Double Jab Productions.
However, a spokesman for the production company has confirmed that an investor has pulled out meaning that TV coverage of the event will not go ahead as planned.
“The production of the awards always required considerable funding given their scope and ambition,” he said.
“The promised funding from a third party has not materialised and we regret having to cancel televising the 2007 event.”
Double Jab said they are still planning to televise the 2008 awards.
The G-A-Y awards aim to play tribute to the stars that have played at the Saturday night club night, including some of the biggest names of pop, such as Kylie Minogue, The Spice Girls and Madonna.
The awards include G-A-Y Sex God and Goddess, as well as traditional music categories which will be decided by public vote through the club nights and online.
G-A-Y claim that the awards will bear the G-A-Y club stamp of “irreverence, flamboyance and fun.”
Sky One will announce how they intend to raise funds for charity with the transmission.
Promoter Jeremy Joseph told PinkNews.co.uk:
“It’s to celebrate World AIDS Day and raise money for HIV and AIDS as well as create awareness because nobody seems to be doing anything about it anymore.
“Also it’s to celebrate the 15th year of G-A-Y.
“We put on the biggest names in the world, such as Madonna, Kylie, Christina and Pink, and this is way of recognising a market that other awards ceremonies don’t seem to do anymore.
“Everything like The Brits is all so up their own arses. Like Smash Hits used to do, we want to put pop back into the agenda again.”