Pride in Liverpool will not return for a second year running.
The free event, which is sponsored by Barclays, was due to take place on Saturday 31st July.
Organisers say the decision was not taken "lightly" and comes due to the uncertainty of the ongoing coronavirus pandemic.
And with Pride in Liverpool remaining a free-to-access event, it would be difficult to implement COVID-19 security measures since organisers would not have an estimated number of attendees.
Lewis Collins, Chair of the LCR Pride Foundation Board of Directors, revealed the decision "has not been taken lightly"
“The organisation’s team and board have worked tirelessly with Liverpool City Council and other partners to explore all possibilities, but despite these efforts we have not found an option that would allow us to confidently proceed and deliver an event that would guarantee the safety, health and enjoyment of the people who attend each year, and the suppliers, businesses and partners that support the event," said Collins.
"The health, safety and wellbeing of all involved with and attending the event is absolutely paramount.
"The ongoing uncertainty around COVID-19 restrictions and the limitations we face in terms of implementing COVID-19 security measures at a free-to-access event attracting 50,000 people, has made it clear that we will not be able to deliver Pride in Liverpool or March with Pride safely and effectively in 2021.
"We understand how important Pride in Liverpool is in bringing our communities together and realise the disappointment this announcement will cause.
"As always, we will shortly be announcing our annual theme and digital programme to ensure we can still celebrate Pride across the region and provide support and visibility to the city region’s LGBT+ community.
"We will of course continue to monitor the situation and explore smaller region-wide events, while also looking to our 2022 celebrations and preparing for what we are sure will be an incredible return for Pride in Liverpool."
Andrew Websdale, Regional Head of Barclays Spectrum, Barclays LGBT+ colleague network, said: “Pride is more than a march, it’s about coming together as a community in celebration, unity and solidarity.
"So while we all wish we could get together on the streets of Liverpool this year, we know that LCR Pride Foundation will put on a phenomenal virtual event programme that raises awareness of the struggles that the LGBT+ community still face, and celebrates how far we have come, in a way that is safe for everyone.
"We are proud to be the headline sponsor of Pride in Liverpool for the fourth year, and we will continue to actively support Pride."