The Commonwealth Games, an iconic sporting event between Great Britain and its colonies, has been cancelled, leaving its future in turmoil. The next edition of the games was due to be staged in Victoria in 2026.

However, Premier Daniel Andrews confirmed the axing of the games due to rising debts for the Australian state.

Commonwealth Games organizers were given just eight hours’ notice before the news broke.

Victoria was only awarded the event last year after none of the 70 nations involved put a bid forward to host the 2026 edition.

Andrews said, “What’s become clear is the cost of hosting these games is not the $2.6 billion [£1.35bn] which was allocated, it is at least $6 billion [£3.12bn] or $7 billion [£3.64bn]. I will not take money out of hospitals and schools in order to fund an event that is three times the cost as estimated and budgeted for last year.”

Victoria’s state debt looks set to hit £70bn next year and then £88bn within the next three years.

A fuming Commonwealth Games Federation released a statement slamming the Victorian withdrawal.

The CGF said: “We are disappointed that we were only given eight hours’ notice and that no consideration was given to discussing the situation to jointly find solutions prior to this decision being reached by the government.”

The games were due to be staged across the state in Geelong, Bendigo, Ballarat, Gippsland, and Shepparton from March 17 to 29.

It is the first time the Commonwealths have been cancelled since 1942 and the first time an event has been cancelled after being awarded to a host city.