(CNN) -- An octogenarian climber has abandoned his bid to reclaim the title of the oldest man to climb Mt Everest after a combination of poor climbing weather and government red tape forced him to call off the ascent. 

Veteran Nepali climber Min Bahadur Sherchan, 81, had been acclimatizing at base camp, ready to reclaim his title from longtime rival 80-year-old Yuichiro Miura who became the oldest climber to reach the summit of the world's highest mountain last week. 

However, a government promise to provide one million Nepali rupees (US$11,200) for the bid -- on which other sponsorship money hinged -- was awaiting government Cabinet approval in Kathmandu. 

Team leader Ishwari Poudel told CNN that going up Everest was now too risky because the snow had started to melt, making ladders and other equipment unstable. 

He said that since other expeditions had already left the mountain, there would be no manpower available in the event of a rescue. 

The government had also pledged to help Sherchan's bid by waiving the Everest climbing permit fee of US$10,000 but this was also held up by Cabinet delays. 

Purna Chandra Bhattarai, the Tourism Industry Division of the Ministry of Tourism and Civil Aviation, said his department, which processes climbing permits, had received the application late and the waiver could only be decided by ministers. 

"The government makes decisions following its own procedure," he said. 

Sherchan downplayed rumors he was returning due to health concerns. 

"When one goes to climb such a mountain there are small health issues," he told CNN. 
Why did he do that?
 to reclaim the title of the oldest man to climb Mt Everest after a combination of poor climbing weather