Celtic were to host three top European sides during the tournament, but it has been scrapped at the eleventh hour.
IEC in Sports, Based in Stockholm, Sweden, were entrusted to organise the two-day event, but spokesperson David Broomhall tells Celtic's official website: "The tournament fixed for July 21 and 22 in Bloemfontein has been postponed. The postponement is due to the complexity of the organisation of such a high profile international sporting event.
"The Organising Committee are, however, confident that the Mangaung tournament will definitely happen next year. We will confirm new dates for 2003 as soon as they are available."
Club CEO Khumbulani Konco says: "As a club we are very disappointed about the postponement. We were looking forward to competing against the best teams from Europe this weekend but that was not to be. Ah well, that's the way the cookie crumbles."