Plans to create an international university in Guernsey will not go ahead because of the cost to taxpayers.
The idea to establish a higher education institution in the Bailiwick was brought forward by the last Economic Development Committee.
It employed consultants from Oxentia to do a feasibility study to determine if it was possible, as well as the benefits and costs of the project.
The report concluded that a small university would be viable in Guernsey, with international students spending no more than one year on the island at a time.
It was also recommended that a small team of between two and five people with significant, relevant experience be employed to launch the institution.
The estimated total upfront investment needed for facilities and accommodation would have been £103 million, with a further £30 million of investment anticipated for the 10 years following its launch.
The current committee, president Deputy Neil Inder, says it would cost too much.
“The Committee for Economic Development has carefully considered the feasibility report into an International University of Guernsey. However, the committee has concluded that due to the considerable capital investment that would be required by the States of Guernsey to take this project forward, it is not possible to progress this project at the current time.”
Members of the current committee voted unanimously to reject the plans.
In a statement, officials said they are "not in the business of gambling with taxpayers’ money".