David Bowie [ tickets ] and Split Enz are pulling out of plans to perform an event that promised to be the first concert of the year 2000, it was reported Monday.

The event, scheduled to take place in the New Zealand town of Gisborne, was to feature Bowie and Split Enz as part of a multi-day festival celebrating the transition to the year 2000.

In a statement issued by Bowie's publicists, insufficient financing was noted as the reason for the departure of the event's two headliners. A Reuters report added that ticket sales had stalled at about 1,000 for the event, which had hoped to draw as many as 35,000 people to the island near the International Date Line.

Concert organizers have not yet completely thrown in the towel, but acknowledge that odds are high that a concert will not take place.