The notion of John Galliano taking over for Oscar de la Renta, the 70-something American designer who’s surely thinking about a successor, seemed too good to be true. Alas, it was.

While the thought of the fallen angel finding redemption at one of the few legacy houses in New York seemed picture-perfect, particularly in light of the two’s successful collaboration for the fall 2013 collection, it has apparently been scrapped. And the reason is the oldest reason in the book: money.

“It is categorically not happening,” a source told Page Six. “Oscar de la Renta is still looking for a new creative director. Money was the biggest factor which held up the negotiations, and they couldn’t reach an agreement, although John and Oscar remain very good friends.”

The article goes on to explain that Galliano wanted to expand the design team and add specialists, but de la Renta declined to make that kind of investment. For now, at least. In the meantime, Galliano is reportedly focusing on his recovery and mentoring fashion students at Central Saint Martins in London.