The concert was to be held on Clapham Common in the UK capital during the Olympics to raise awareness of homophobia in sports, reported Daily Express.
However, the event has been axed after a number of sponsors withdrew support, and organizers at PAPA Projects said the idea was "no longer commercially viable".
"While the Olympics presents many great opportunities for event organisers, there have been numerous complexities surrounding the availability of talent, sponsors and resources," a spokesperson for PAPA Projects said.
