Lord of the Rings fan site Theonering.net reports that director Guillermo Del Toro has officially announced that he regrettably will not direct J.R.R. Tolkien’s two part film “The Hobbit”, due to several production delays related MGM’s sale.

“In light of ongoing delays in the setting of a start date for filming “The Hobbit,” I am faced with the hardest decision of my life”, says Guillermo. “After nearly two years of living, breathing and designing a world as rich as Tolkien’s Middle Earth, I must, with great regret, take leave from helming these wonderful pictures. I remain grateful to Peter, Fran and Philippa Boyens, New Line and Warner Brothers and to all my crew in New Zealand. I’ve been privileged to work in one of the greatest countries on earth with some of the best people ever in our craft and my life will be forever changed. The blessings have been plenty, but the mounting pressures of conflicting schedules have overwhelmed the time slot originally allocated for the project. Both as a co-writer and as a director, I wish the production nothing but the very best of luck and I will be first in line to see the finished product. I remain an ally to it and its makers, present and future, and fully support a smooth transition to a new director”.

Guillermo will continue to co-write ‘The Hobbit’ screenplays with Philippa Boyens and Fran Walsh.

Stay tuned to Shockya.com for the latest from ‘The Hobbit’.