Chief organiser Clifton Cameron said despite receiving "significant support" from the public and private sector, and the athletics community, the "full extent of the financial commitments received has fallen short of the funding required to execute the attraction".
A statement on the Jamaica Village website reads: "Jamaica Village Ltd (JVL) regrets to announce that it will not be moving forward with it’s plans to stage the Jamaica Village 2012 attraction in London, during the upcoming summer Olympic Games. JVL wishes to note our appreciation to those who shared our vision of leveraging the country’s athletic prowess to promote Brand Jamaica and despite the absence of the Jamaica Village 2012 we wish for all our athletes a record breaking Olympic performance."
According to a report in The Jamaica Observer, the overall costs of financing the project was upwards of £5m.
, Jamaica Village was set to take over Finsbury Park from 3-12 August. It aimed to showcase the best of Jamaican sports, music, tourism, food and drink, and would have featured appearances from world-famous athletes including Usain Bolt.
An alternative Olympic base for Jamaica has not yet been announced.
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