Youth football tournament the NextGen Series will not take place in the forthcoming season due to "a lack of definite funding," organisers have announced, reports The Guardian. Twenty-four elite academies from 12 countries - including Barcelona, Juventus, Celtic, Paris Saint-Germain and Borussia Dortmund - participated in the tournament last season.

"It is with regret that the NextGen Series has today announced it will be suspending the tournament for one season due to a lack of definite funding," read a statement.

The co-founders of the NextGen series, Mark Warburton and Justin Andrews, said: "The level of support we have received from the football industry, media and fans has been magnificent and for that we are truly grateful.

"It is hugely disappointing that an event of this nature, designed to assist with the development of Europe's elite players, should have to take such action but we hope to be back next season with an even better tournament."