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MIAMI BEACH (CBSMiami/AP) — Prosecutors have opened up a fraud investigation into a gay-themed sporting and cultural event after it was abruptly cancelled amid financial problems.

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Most of the World OutGames’ sporting events, as well as opening and closing ceremonies, were canceled on Friday, just 24 hours before they were scheduled to start.

The Miami Herald reported Saturday that officials in Miami Beach were alarmed by the financial statements submitted by the OutGames.

The documents showed a low amount of cash on hand despite fundraising commitments.

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OutGames organizers announced the cancellation on Friday as competitors from around the world were arriving in the Miami area for the games.

Organizers had estimated more than 2,000 athletes would be coming.

Social events planned around the games were still scheduled to go on.

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