A team of urologists who raised £20,000 for charity said they were 'gutted' but think that the event organisers made the 'right decision'.
Dan Magrill, 38, is a urologist at Nuffield Health in Chichester.
Dan and seven other urologists had pledged to undertake the cycle to raise the funds for charities Love Your Hospital and Urolink explaining that their sponsorship had already reached £20,000.
He said the team had been 'very very excited' about the event and said that they had been training for it for months.
"We are gutted but they have probably made the right decision.
"The organisers were very good and they communicated with us very well. We are in the process of deciding what do instead."
He added that the group had been considering a 100-mile cycle around the Isle of Wight.
"I think we understand — it's a proper safety concern. We cant fault the communication."