Event had been scheduled for 2023 as part of Island Plan
The Year of Sport announced as part of government's Island Plan won't take place next year because the sporting calendar for 2023 has already been set.
Following talks with local sporting clubs, Chief Minister Alfred Cannan says it would be challenging to build further upon what's already scheduled.
Isle of Man Sport and Visit Isle of Man will hold further meetings this month, with a view to bringing forward a plan for 2024-25.
It had been hoped the year would boost tourism, support the domestic economy and improve wellbeing.