From Sports Illustrated:

Usain Bolt won’t compete at next month’s Crystal Palace Diamond League meeting because of British tax rules.

Speaking at a news conference ahead of Friday’s Areva meeting scheduled at the Stade de France, the Olympic and world champion in the 100 and 200 meters said he decided to skip the event after his agent informed him he would lose money by competing in London.

Bolt’s agent Ricky Simms told The Associated Press the British tax law stipulates that foreign sports stars have to pay taxes on their worldwide endorsements, a situation that “in recent sports has kept a lot of the big stars in other stars away from Britain.”

(Hat Tip: Eric Sachtjen.)