Organisers of the Isle of Wight Festival have dropped a request for the local council to waive the rental fee for the host venue, despite concerns that ticket prices could soar.
Promoters Solo, which currently pays £55,000 ($67,500/€61,000) per year for the hire of Seaclose Park in Newport, told the island’s council that increasing costs meant the future of the event – which generates about £10m for the local economy – was in doubt.
Solo said it faced either reducing its running costs or raising ticket prices.
A council statement released on Monday said Solo had withdrawn the request, with the local authority now working with the council to look at alternative ways to reduce the costs of the festival.
According to the BBC News website, Solo’s John Giddings said he “hoped” the festival had a future.
“It depends on a number of factors being in place, but that is always the case,” he said.
“The priority is keeping tickets down to a reasonable price and I don’t intend cutting the quality of the show. I’m not going to debate money in the public domain.”
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