Last year's race was won by Russell Downing, who is now at Team Sky, while Mark Cavendish has also been a regular competitor.

However, the race scheduled for August 18 to 22 has now been abandoned, with organisers hoping it will return in 2011.

A statement from the organisers said: "Despite significant commercial and public sector funding, current economic conditions have meant that the additional investment required to make the event viable has not been forthcoming in time for this season."

Alan Rushton, the race organiser, added: "We fully intend to bring it back for 2011 when the private sector environment is stronger."

The race had only returned to the calendar in 2007 after a long absence, and enjoyed strong support from the public and the media.

The previous incarnation of the race had been the the Nissan Classic, which ran until 1992.

UCI President Pat McQuaid (pictured) was involved in the organisation of that with Rushton, and he said that he regretted the news.

He told Cyclingews: "I understand the situation because the economic situation in Ireland is very bad at the moment.

"I would hope that over the next 12 months that they might find another sponsor that can come on board.

"I know that there is genuine support from the Government and companies like An Post that the event would continue.

"It just needs another commercial sponsor to make it viable.

"I would hope that over the next twelve months that the conditions would improve a bit to make that happen."

The race was reduced from five to three days last year due to a tight economic environment.

McQuaid said that the race is an important fixture on the Irish calendar.

He said: "Cycling has a very strong history and tradition in Ireland and it deserves to have the best professionals in the world coming there at least once a year to take part in races and to show themselves to the Irish public.

"It’s not just important for Irish cycling, but also for European and world cycling.

"Every major international race in the national territory is important for the continuous development of the sport."