Disney announced Tuesday that the release date of the fifth installment of the Pirates of the Caribbean franchise has been pushed back until 2016 due to scripting and financial issues.

If you are patiently waiting to see Johnny Depp reprise the role of the witty Captain Jack Sparrow in the fifth installment of the Pirates of the Caribbean franchise, then you might have to wait longer. Disney announced Tuesday that the "Pirates of the Caribbean: Dead Men Tell No Tales," due to arrive in theaters on July 10, 2015, has been pushed to a summer 2016 release.

Producer Jerry Bruckheimer told the Hollywood Reporter that the delay was due to an incomplete script and financial issues citing a multi-million-dollar write down for Disney with the flop of "The Lone Ranger."

"We have an outline everyone loves but the script is not done," Bruckheimer told The Hollywood Reporter, adding that it is "always hard" to find a great script. Despite the initial hurdles, he still seems confident with the new project. "With any movie, you're never confident. But it's a billion-dollar franchise." The last part in the franchise, "On Stranger Tides" grossed $1.04 billion.

Perfecting the upcoming film with a great script within the proposed budget is causing the delay but Bruckheimer insists that the production team has an outline that the audience will admire.

Initially budgeted for $250 million, Disney is demanding the movie be completed within $200 million, which is going to be yet another challenge. The first script for the movie by "Catch Me If You Can" screenwriter, Jeff Nathanson, was reportedly rejected as it "was too expensive but it was also really complicated and hard to follow." Nathanson is working on another script for the movie with a given outline and budget.