The ceremony for this year's Laureus World Sports awards has been canceled due to the global economic downturn.

Instead, winners will receive their prizes individually in May and June, organizers said on Thursday.

"Laureus and its partners have made the decision that due to the current economic situation it would be inappropriate to stage a full-scale ceremony at this time," organizers said in a statement.

"Accordingly, Laureus will forego its usual spring celebration," the statement said.

(Xinhua News Agency April 17, 2009)