Aston Villa's players celebrate

The continental tournament, which features Under-20 teams from across Europe, has helped a number of players progress to senior teams, including Celtic's Tony Watt and Gary Gardner from Aston Villa.

Villa, Chelsea and Arsenal reached the semi-finals last season and it was the Villans who went on to claim the tournament in the finals, which were staged at Lake Como in Italy.

But with no major sponsorship on board for the 2013-14 season, and with potential competition coming from a UEFA-organised competition in the future, organisers have been forced to place it on a one-year hiatus.

Mark Warburton and Justin Andrews, co-founders of the NextGen Series, 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."