The much-discussed relaunch of the infamous Gizmondo console has been delayed until 2009 following news that the firm behind the device is struggling to secure investment.

Gizmondo boss Carl Freer told Swedish blog The Nordic Link: “Unfortunately, we’ve had to reschedule the launch of Gizmondo. It's due to the economic climate in the US, as well as in the rest of the world. It has affected us in our ability to fund and get funded in regards to the manufacturing of components.

“We’ve had some very, very touch and go moments here for three months. It has affected everyone. I was at one point thinking of abandoning the whole project, because I didn’t see a way out of it, a way to fund it. I don’t have half a billion dollars or $300 million. You can only try and do your best.”

Freer added that the Chinese firm contracted to build the new machine has suffered during the recent economic downturn, forcing Freer and his team to redesign elements of the unit

“It’s a question and one that I’ve been battling with,” he adds. “In an ideal world, I would like to have the same design, because I am affectionate and feel part of that. I would have liked to have the same design, but the reality is that we can’t fit all the new componentry we need on that size chip set.”