Larson was all but a lock to make a one-off start at the Supercars finale with a wildcard effort from PremiAir Racing, fronted by Roland Dane.
Backing had been secured from NAPA Auto Parts and the South Australian Motorsport Board.
Larson was also set to do double duties and race a Sprintcar for Jason Pryde Motorsport at the speedway shows that form part of the event.
An announcement was set for next week, only for the entire plan to fall over after Larson withdrew over the past weekend.
That decision has now been explained in a statement provided to Speedcafe by his management.
“I can confirm that Kyle had a genuine interest in being part of the Adelaide 500,” read the statement.
“However, after careful consideration, he ultimately decided to step back from the event, as the level of commitment during that time of year was simply too great for him and his family.
“Kyle is truly appreciative of the time, effort, and support that so many people put into this project, and he extends his gratitude to everyone involved.”
This is the second time in as many years that a proposed Adelaide wildcard has fallen over at the eleventh hour, with Kyle Busch pulling the pin on a similar plan in 2024.
As it stands there are no plans to try and recover this latest wildcard project for this year.
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