I can't say that is too surprising. While the second movie is enjoyable, it was not of the same quality as the first movie. It had too many characters, often acting completely contrary to their established personalities from the first movie. Maybe another company will come up with the funding, but if so, I hope the third movie is better.
That's a shame to hear. I loved both movies and eagerly looked forward to a third. I suppose some timeless classics aren't as widely accepted as others. Hopefully, as already stated here, someone else will pick up to make a third and won't wait 10+ years to make it.