The announcement comes after months of speculation about Guitar Nation, which was scheduled to take place in late November at Wembley Stadium, whilst Live Culture was to launch next April.
"Guitar Nation, organised by Clive Morton's Norgaard Media, has been officially scrapped, with Morton blaming adverse trading conditions," say reports. However, they go on to add that Morton's former partner Graham Butterworth, who had been hired to sell stand space for Guitar Nation, claims that he has not been paid by Norgaard Media and left the company at the end of June.
Cunningham, who left Mondiale Publishing to work with Morton on the Wembley-based Live Culture, also says he has not been paid by Norgaard and that Live Culture has been cancelled. It's unclear at the moment whether the Live Culture Awards, planned to run alongside the exhibition, will also be cancelled.
An official announcement is expected from Live Culture soon.
