The withdrawal deals a fresh blow to the GSMA industry association that hosts the event, which was cancelled last year at the last minute while this year's edition was pushed back to the end of June to maximise its chances of happening.
"At the present time, we still do not believe it is justifiable to take this risk for a large number of our employees," the Bonn-based group said in a statement issued to Reuters.
"It's never fun to lose matches, and in that moment it's extra disappointing when one doesn't contribute to the extent that one can because of injury, the body doesn't work - the disappointment is bigger, the frustration," the 26-year-old told Reuters.
"It's never fun to lose a final, so on Sunday I'm going to do all I can, because it's our turn to win."
"The financial incentive for the clubs is plain to see, with a multi-billion dollar package at the heart of the scheme, albeit it would forever break the integrity of the club game," said Neil Wilson, chief market analyst at Markets.com.
Real Madrid, who have topped the list five times in the past, edged Barcelona 2-1 in 'El Clasico' on Saturday but find themselves second best off the pitch with a valuation of $4.75 billion.
"The pain is far from over, with a worsening decline in matchday revenue during the current season, as most of the teams in Europe's top leagues still permit few fans to attend games," wrote Forbes' assistant managing editor Mike Ozanian.
Lionel Messi scored a stunning equaliser to make it 1-1 on the night in Paris, but his penalty was saved on the stroke of halftime with the scores level, meaning what could have been a blockbuster second half turned into a non-event.
More than the number of misses, it is perhaps the size of the games that they occur in that sets alarm bells ringing.
Spaniard Guardiola spent trophy-laden seasons with Barcelona and Bayern Munich before joining City ahead of the 2016-17 season and has since guided them to two league titles, three League Cups and the FA Cup.
"I had incredibly hungry teams in my career, lucky to be together in Barcelona and Bayern. To do what we've done in these four years, still winning ... these guys have something special," Guardiola told reporters.
The arrests were made amid the on going investigation into ‘BarcaGate’, in which club officials were accused of launching a smear campaign against current and former players who were critical of the club and then-president Bartomeu.
The club also confirmed the development stating that Mossos d’Esquadra entered Barcelona's stadium in a search and seize operation.
Lyon boss Garcia then got involved by saying it was rich of Koeman to criticise PSG for talking about the prospect of signing Messi after he had spoken openly of Barca's pursuit of Lyon forward Memphis Depay.
I don't know why PSG are doing this (talking about Messi) but if they want to talk about Leo, they can.