Apparently, Michael Grade did his best to kill off Classic Who, despite its money making potential. If someone in a position of power doesn't like a show, and has the ability to kill it off, money might not come into play.
Egos are the bane of good decisions. There are too many examples of executives cancelling pilots and "reworking" good shows for no apparent reason to count. It appears that many to most of these are based on executive ego.
There is a Trope called "Executive Interference" for a reason.