"We will regroup and come back stronger and better".
Last week Thabang Moroe, CSA's acting chief executive, warned that the first edition of the tournament could result in losses of up to $25 million dollars (about £19 million) - nearly half of the body's cash reserves....
According to Cricbuzz, CSA elected to put the tournament on hold during an emergency teleconference on Tuesday morning.
CSA released a statement explaining how they came to the decision.
Since the announcement of the ambitious T20 Global League, it has been hampered by various logistical challenges. "We appreciate the continued support of the individuals and organisations who have believed in this tournament".
The inaugural T20 Global League, the brainchild of Cricket South Africa (CSA), has been postponed to November 2018 instead of its original scheduled start of November 3 later this year.
The players auction for the tournament has already taken place and several worldwide stars have apparently rejected other offers to be able to play in the tournament in South Africa. The amount accounts for over half of CSA's current cash reserves.
As far as the broadcast deal was concerned, CSA was believed to have been inking one with SuperSport, but once again, the deal was of far lesser amount than what the body anticipated.
The franchise based T20 format, was former CSA CEO Haroon Lorgat's pet project but the administrator parted ways with the board inexplicably in September.
"Whether they are going to take that approach, I don't know but we are certainly working with Tony Irish to make sure they understand the importance of doing the right thing in that regard".
While there is no "indication" of any of the owners leaving the tournament (seven of them being overseas owners), the report said that the time frame was too short for the CSA and the owners to organise the T20GL 2017 the way they wanted.
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