The one-day race had been scheduled to take place on June 4, with the women’s event featuring as part of the International Cycling Union (UCI) Women’s WorldTour.

It has taken place annually since 1985, with the event having been billed as a “top international cycling classic, and one of the richest and most prestigious one day races outside of Europe”.

“The Union Cycliste Internationale has today received notice of the cancellation of both the men (1.1) and women (UCI Women’s WorldTour) Philadelphia International Cycling Classic,” a UCI statement read.

“It is understood the decision follows difficulty attracting sponsor financial support.”

The loss of the event comes as a blow to the UCI Women’s WorldTour, ahead of the start of its second season under that name.

Race organisers previously expressed concern over the closeness of the Aviva Women's Tour to the competition.

A three-day gap between the two events raised suggestions that top riders would opt for the five stage event in Britain, which is scheduled from June 7 to 11.

Last month, the Tour of Qatar and Ladies Tour of Qatar were also cancelled with the organisers similarly citing a supposed lack of financial backing for the decision.

The men's race, held annually since 2002, was only promoted to WorldTour status in August and had been due to take place from February 6 to 10.

American Megan Guarnier won last year’s edition of the women's race and Spain's Eduard Prades won the men's.

The announcement came weeks after Doha hosted the World Road Cycling Championships.