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​David Lynch pulls out of "Twin Peaks" reboot

David Lynch speaks onstage during the David Lynch Foundation's DLF Live presents "The Music Of David Lynch" at The Theatre at Ace Hotel on April 1, 2015, in Los Angeles.

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Last Updated Apr 6, 2015 12:21 PM EDT

David Lynch has pulled out of the upcoming revival of "Twin Peaks" on Showtime.

The series creator announced the news on Twitter, citing money issues as the reason he's stepping out of the role. Lynch, 69, says he didn't feel as though he could do the script the way "it needed to be done."

Showtime was "saddened" by Lynch's position, but says is hopes to bring back "Twin Peaks" with both Lynch and his co-creator, Mark Frost, on board.

"Twin Peaks" ran for two seasons on ABC from 1990-1991. It took home three Golden Globe honors in 1991, including best TV series and best actor for Kyle MacLachlan, who announced in January he would be reprising his character in the sequel.

Showtime previously said the limited-run series, set in the present day, would film this year and debut in 2016.

Ray Wise, who portrayed Leland Palmer in "Twin Peaks," told CBS News last year that the part was among his most memorable roles.

"I had an opportunity to do some amazing things on that show that I don't think they've seen before or since...It was a wonderful experience, a great cast again -- and David Lynch made it very special," he said. "People still talk about it and sometimes when they write a review about a new show they'll mention that it's 'Twin Peaks'-like. That will never die, really."