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Is the big-budget Spider-Man musical no more?

The $45-million Spider-Man musical may be in bigger trouble than everyone thought.

Reports circulated last week that work on Spider-Man: Turn Off the Dark had been put on hold while producers tried to overcome “cash-flow obstacles.” Despite those problems, a spokesperson maintained that the show would begin previews on Feb. 25, and open sometime in March.

But today the New York Post’s Michael Riedel reports, with some glee, that Spider-Man‘s actors “have been released from their contracts, with no incentive (i.e., money) to hang around waiting for the production to get back on track.”

He also writes that ticket agents are scrambling to get deposit refunds for clients who booked early previews.

The musical, directed by Julie Taymor (The Lion King) and featuring music and lyrics by Bono and The Edge, has yet to announce who will play the lead role. Evan Rachel Wood and Alan Cumming are set to play Mary Jane Watson and Green Goblin.

Riedel places the blame for the troubles on “the inexperience of its producers,” and a gargantuan budget that reportedly would require the 1,700-seat theater to sell out every show for five years for the production just to break even.