Officials from the Times Union Center have announced Friday's concert featuring John Legend and James Taylor has been cancelled.

The two artists were supposed to headline what would have been a celebration marking the completion of renovations to the center's atrium.

According to management, the concert promoter was unable to fulfill their obligations in regards to the licensing agreement.

Essentially, the Times Union says Metropolitan Entertainment Consultants LLC didn't have the money to uphold their end of their contract.

TU Center General Manager Bob Belber says only 6,000 tickets were sold, leaving thousands left unsold.

However, he says that was not why the concert was canceled.

“We had to do the right thing for our client, for Albany County and for the county taxpayers to not put us in a position where we are at risk 100 percent for this event,” said Belber.

Refunds are available at point of purchase.

Belber says there will be two new concert announcements this week.