The planned "Kings" Tournament in Medias, Romania from 23 June - 4 July has unfortunately been indefinitely postponed by the organisers.
The 2012 tournament was due to be the 6th edition (being held in Bazna until last year) and was set to include an impressive 6-player double round robin line-up headed by last year's winner and world #1 Magnus Carlsen and the world champion Vishy Anand.
The other players were Teimour Radjabov, Sergey Karjakin, Vassily Ivanchuk and top Romanian player Liviu Dieter Nisipeanu.
Rumours of the postponement were confirmed by a brief announcement at the official website, "We are very sorry to announce that the 6th edition of the Kings Tournament is postponed. The global financial crisis and the instable political situation in Romania made it impossible to start the tournament on the initially announced dates".
The Kings tournament is the latest in a series of chess tournaments that have been affected by the global financial crisis, including M-Tel in Bulgaria and most notably the Linares tournament in Spain which has not been held for the last two years.