"Our committee felt the financial risk to the Association was too great," that statement said.
"The decision was especially hard given it's the second year this has happened."
Rangiora becomes the seventh competition to be cancelled in the new Shearing Sports New Zealand season, which initially comprised 59 competitions.
These range from A and P Shows to country sports days, and stand-alone events - such as the New Zealand Merino Shears, which opened the season in Alexandra last week.
All of those cancelled have been A and P show events, five of them having had both shearing and woolhandling competitions.
The stand-alone Waimate Shears, starts tomorrow, with woolhandling and the New Zealand Winter Comb Shearing Championships, and ends with the crossbred shearing on Saturday.
Two North Island events are still on, including the Whangarei A and P Show, which held a shearing competition for the first time last year with a specially-built stand worth at least $40,000.
Competition organisers of the remaining events are determined to go ahead - even without crowds, if Covid restrictions continue.
They are urging competitors to sign up as soon as possible to avoid missing out, as alert levels could limit entries. Sheep numbers have also been an issue for several events.
Events still going ahead pre-Christmas
October 8-9: Waimate Shears (New Zealand Spring Shearing and Woolhandling Championships).
October 30: Ashburton A and P Show (shearing only).
November 6: Marlborough A and P Show (shearing only), at Blenheim; Gymkhana Shears (shearing only), at Pleasant Point.
November 11 12: Canterbury Shears (New Zealand Corriedale Shearing and Woolhandling Championships), at Christchurch.
November 20: Nelson A and P Show (shearing only), at Richmond Park, Nelson; West Otago A and P Show (shearing only), at Tapanui.
November 27: Stratford A and P Show - Taranaki Shears (shearing only), at Stratford.
December 4: Whangarei A and P Show, Barge Showgrounds, Whangarei.
Cancelled events
Poverty Bay, Hawke's Bay, Wairarapa, Manawatū, Central Hawke's Bay, Rangiora and Ellesmere.