Producers behind Broadway's beleaguered Spider-Man musical made the difficult decision to close the show after a series of onstage injuries left them unable to obtain the necessary insurance.

Spiderman: Turn Off The Dark, which features a score by U2 stars Bono and The Edge, opened in June, 2011 after months of delays and setbacks, including the exit of director/writer Julie Taymor.

A number of castmembers also sustained nasty injuries during previews, including Spider-Man stunt double Kevin Aubin, who broke both wrists, actress Natalie Mendoza, who left the show after suffering concussion, and Christopher Tierney, who underwent back surgery and months of rehabilitation after a serious stage fall.

Producers recently announced the curtain will fall on the musical in January (14), and producer Michael Cohl has now revealed insurance issues are to blame for the closure, telling the New York Post, "We don't have injury insurance, so we have to close the show," while jokingly referencing U.S. President Barack Obama's healthcare reforms by adding, "We tried to get on the website for Obamacare, but we couldn't."

However, Cohl is convinced the musical, which holds the title of Broadway's most expensive production, will eventually be a huge success as bosses plan to move the show to Las Vegas.

He adds, "I guess we'll call the money we spent in New York 'research and development'... I think we've established a really good brand that will be even better the second, the third, the fourth time out."