The Laureus sports foundation announced three weeks ago that it had cancelled the ceremony - which awards the finest sports men and women in the world - in Rio.

While Laureus nor the Rio de Janeiro State Government disclosed the exact reason for the cancellation of the event, Rio newspaper O Globo hinted financial problems were behind the decision.

It claimed Rio authorities owed Laureus $15 million (£9 million/€11 million).

It has now been announced the Laureus World Sports Awards will be held in Kuala Lumpur for the first time, in a yet to be disclosed venue.

Edwin Moses, chairman of the Laureus World Sports Academy, said: "It is an exciting development that Laureus is being held in south east Asia for the first time, enabling the Laureus message to be extended to a new part of the world.

"Of course this will be a very emotional occasion as it is the first awards since the death of our Patron, the great Nelson Mandela, and I am sure with the support of everyone in Kuala Lumpur it will be an awards ceremony to remember where we can salute today's sporting heroes and pay tribute to President Mandela."

The Teatro Municipal in Rio was due to hold this year's Laureus World Sports Awards, as it did last year, but Kuala Lumpur will now host it ©Getty Images



The awards categories include Spotsman and Sportswoman of the Year and Team of the Year.

Previous winners of the male award include golfer Tiger Woods and tennis player Roger Federer, with sprinter Usain Bolt winning it in 2009, 2010 and 2013.

The award for women has been won by athletes including tennis player Serena Williams and skier Lindsey Vonn, with heptathlete Jessica Ennis-Hill winning last year, when the awards were held in Rio at the Teatro Municipal.

Dato' Seri Mohamed Nazri, Minister of Tourism and Culture in Malaysia, said: "Kuala Lumpur is honoured to have been given the privilege of hosting the prestigious 2014 Laureus World Sports Awards and the city looks forward to staging this internationally-renowned event and welcoming a plethora of sporting legends to Malaysia.

"This is a sports-loving country and I can promise warm Malaysian hospitality awaits all our guests."

In November, another prestigious international sports gathering in Rio was cancelled when the plug was pulled on the Soccerex Global Convention.

Rio blamed financial concerns, claiming organisers were unable to raise the necessary funds needed to stage the event and instead wanted local authorities to foot the bill.

The 15th Laureus World Sports Awards is due to be held on March 26.