Why was the Tour of Sarawak cycling race cancelled last minute?

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The Tour of Sarawak Cycling Race Was Cancelled Due to a Failure in Securing Funds by the Organiser's Partner

The inaugural Tour of Sarawak 2016 was cancelled at the last minute because the event's organiser, Fadz Industries Sdn Bhd, could not secure the necessary funding. This failure was attributed to a peninsular Malaysia-based partner who was responsible for obtaining sponsorship, leading to a pullout of promised financial support. The cancellation occurred on the very day the race was scheduled to commence, causing significant disruption for participating teams.
Financial Shortfall Linked to Partner's Inability to Secure Sponsorship

The RM3.5 million estimated cost for the Tour of Sarawak 2016 became unattainable when the organiser's partner failed to secure the expected sponsorships. Mohd Fadzli Mohd Yusof, the director of the event, stated that this led to a withdrawal of financial commitments that had been promised. This resulted in Fadz Industries Sdn Bhd being unable to provide the required funds to proceed with the international cycling race.
Organiser Claims Personal Investment and Non-Utilisation of Government Funds

Despite the cancellation, the main organiser asserted that they were not attempting to deceive anyone and had invested RM500,000 of their own money towards the event. Furthermore, Mohd Fadzli insisted that RM200,000 allocated by the Youth and Sports Ministry was not used for the tour. The reasons for the non-utilisation of these federal funds were not specified, but the organiser maintained that private and corporate sponsorships also did not materialise as expected.
Arrangements Made for Teams' Expenses Following Cancellation

In the aftermath of the cancellation, competing teams were informed that they would be permitted to submit claims for their travel and other associated expenses. The director noted that arrangements were made for the transportation of participants to Kuching, as their flights home were scheduled to depart from the city. The race itself was planned to cover 787.8km from Miri to Kuching over five stages, from March 16 to March 20.

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Why was the Tour of Sarawak cycling race cancelled last minute?

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