The Tour de Yorkshire will not take place in 2021 following another postponement, but organisers are committed to making the race "bigger and better" in two years' time.
The 2020 event was scheduled to take place from April 30 to May 3 this year before being called off due to the coronavirus pandemic.
Next year's race has also been cancelled with James Mason, chief executive of race organisers Welcome to Yorkshire, admitting the uncertainty over the global health crisis made it "impossible to plan" and commit to financially.
England went into a second national lockdown earlier this month in a bid to curb a surge in coronavirus cases.
The United Kingdom has so far recorded 1.26 million cases and more than 50,000 fatalities – the fifth highest death rate in the world.
"During these uncertain times Welcome to Yorkshire need to focus on the immediate needs of the industry without committing both financial and human resources towards any activity or event that we cannot be certain of," said Mason.
"Cycling has become synonymous with Yorkshire and the Tour de Yorkshire has become a firm fixture on the world cycling calendar due to the reception the riders and teams receive in our county.
"Whilst it is very disappointing that we will be bereft of this wonderful race for another year the decision we have made is the right one and perhaps the only one we could make.
"The uncertainty in front of us meant it was impossible to plan or commit the resource that the race needs.
"This has been a mutual decision made by Welcome to Yorkshire and the ASO (Amaury Sport Organisation) and we will all now look forward to putting all our energies into bringing the race back bigger and better than ever in 2022."
The Tour de Yorkshire was first staged in 2015 after the county hosted the Grand Départ of the Tour de France in 2014.
Since then, it is believed to have attracted four million spectators with 188 countries broadcasting the race live and contributing to £330 million ($435 million/€368 million) worth of media coverage.
Yann Le Moenner, the director general of ASO which also organises the event, backed Welcome to Yorkshire's position and insisted it was a joint decision.
"We have worked a lot together since the Grand Départ of the Tour de France 2014 to put the Tour de Yorkshire on the top of the international cycling calendar," added Le Moenner.
"This work is obviously not wasted and we will collectively do our best to re-launch the event in 2022 and give the chance to the world's best riders to be on the Yorkshire roads in front of one of the most enthusiastic audiences the cycling world has ever seen."
Norway's Lars Petter Nordhaug, Thomas Voeckler of France, Belgian duo Serge Pauwels and Greg Van Avermaet and Britain's Chris Lawless have previously won the annual race.