Actor Alan Cumming, above, and Evan Rachel Wood have been confirmed for the cast of the musical Spider-Man, Turn Off the Dark. Actor Alan Cumming, above, and Evan Rachel Wood have been confirmed for the cast of the musical Spider-Man, Turn Off the Dark. (Eric Thayer/Fred Prouser/Reuters)

The Spider-Man musical, with a score by U2's Bono and The Edge, has reportedly suspended preparation work because of financial problems.

Entertainment trade paper Variety says the work stoppage is due to "cash flow obstacles that producers … are working to resolve."

The highly anticipated musical, set to open on Broadway in March 2010, was to have extravagant production values including special effects that would show Spider-Man swinging between buildings and battling bad guys.

The adaptation is said to be costing as much as $45 million US to stage.

The magazine says despite the stoppage, Spider-Man, Turn Off the Dark is still expected to launch next March as producers scramble to cobble together funds.

The musical will tell the story of the superhero's origin and include new material.

The main role has yet to be cast however, Evan Rachel Wood has been selected to play Mary Jane and Scottish actor Alan Cumming has been cast as the Green Goblin.

Julie Taymor, who helped create the hit musical The Lion King and helmed the Beatles-inspired film Across the Universe, is set to direct.

Behind the scenes, the musical has an all-star crew that includes award-winning costume designer Eiko Ishioka, choreographer Daniel Ezralow and musical supervisor Teese Gohl, both of whom worked with Taymor in Across the Universe, and sound designer Jonathan Deans, who has worked for Cirque du Soleil.