Report: Jonas Brothers' Tour Cancellation Could Cost Them MILLIONS!

News broke this week that The Jonas Brothers will not be hitting the road, after all. Following the release of their album FIRST TIME, the trio had announced earlier this year that they would launch a 19-date U.S. tour - which was to begin this Friday, Oct. 11.

Today, MTV reports that the cancellation "probably wasn't covered under the insurance policy they took out on the tour, meaning that the Jonas Brothers may be on the hook for millions of dollars, as promoters and vendors look to recoup the money they've laid out in advance of the shows."

They further note that talking to experts, almost no insurance will cover cancellation for reasons that ARE in the artist's control.

So how expensive will this brotherly rift be? Time will tell...

"There is a deep rift within the band," Jesse Derris, the Jonas' spokesperson told PEOPLE. "There was a big a disagreement over their music direction."Derris said the future of the brothers' band is up in the air, and whether they'll stick together (as bandmates at least) "remains to be seen." The publication has also confirmed that all tickets will be refunded.

The Jonas Brothers burst onto the music scene in August 2007 with their self-titled debut album, which included the hit single "S.O.S." The song soared to #1 on iTunes, and the album climbed to the top five of the Billboard charts and was soon certified double platinum. With the release of the band's second album, A Little Bit Longer, the Jonas Brothers became the first artist ever to have three albums on the Billboard Top 10 at once: Jonas Brothers, A Little Bit Longer and the Camp Rock soundtrack. In 2009, they released Lines, Vines and Trying Times, a global hit that became their second #1 album in one year. The y have sold a combined 20 million units worldwide, earned over 40 Gold and Platinum record certifications and own the Guinness World Record for "Most Singles to Enter Straight into the U.S. Top 20 in a Year by a Group," with five singles in 2009. They received their first Grammy nomination in 2008 for Best New Artist, and have won nearly 50 awards across the globe, including an American Music Award.