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Published 21:05 15 Apr 2016 BST
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"We were concerned about everybody in the venue. Not just for the fighters in the ring but for the customers around the ring.
https://twitter.com/kierancuddihy/status/721004078877302784
"The safety of everybody - patrons, employees and the fighters - is of importance to us and that's why the event was called off."
Following the announcement, WCFC assured customers that the tickets purchased would be valid for a rescheduled event in May when the insurance issues could be resolved.
The cancellation comes just days after the tragic passing of Portuguese mixed martial artist Joao Carvalho who died 48 hours after being rushed to hospital following a TKO defeat at an event in the National Stadium.
There is no suggestion that this Friday night's rescheduling had anything to do with last week's incident but it should be noted due to the spotlight being cast over the lack of government regulation of mixed martial arts in Ireland in recent days.Former UFC fighter shot dead while out for evening walk
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