Organisers have voted to postpone the town's first ever pride event until 2020.
The gay pride event had been pencilled in for Saturday, July 13 which was to have a Brazilian theme as a mark of solidarity to the LGBTQ community of the south American country.
Last week, however, the Banbury Pride organising committee voted to postpone the event until next year.
Posting on Twitter on July 13, the group said: "Last night we had a committee meeting where a vote was undertaken to postpone Banbury Pride until 2020. The vote was unanimous meaning sadly 2019 will not see Banbury's first pride event.
"It will however see loads of smaller events, and hopefully it will see loads more of you getting involved. We want to do all of you proud, and we want to make the event memorable.
"We hope you all understand keep your eyes peeled for announcements of events coming up."
Amie Dolton, chair of the Banbury Pride committee, added: "Basically we want to make people proud with this event and we feel like with the timescale we had we wouldn't be able to do that.
"As first time events organisers we are learning on the way, and enjoying ourselves in the process.
"We are going to make a big effort to recruit loads of new people and we have a lot of smaller events in the works. I don't have much details of these yet, but expect a pub quiz, regular monthly events and more."