THE future of the Isle of Wight Festival is under threat unless costs can be cut, according to a new council report.
A report for Isle of Wight Council says Solo Promoters Ltd has asked the authority to waive its hire fee for Seaclose Park in Newport, to keep the event viable.
The report said that there is a real risk that unless Solo can reduce its costs and or increase ticket sales that the event may be cancelled.
The council is considering offering a reduced fee if Solo takes on more responsibility for security and other duties.
The report said: ‘Over recent years there has been a significant increase in major festivals being staged across the country, which has started to impact on the viability of new and established events, with some being cancelled.
“Others have been scaled back and most are reporting significantly reduced ticket sales as the choice and range of events has increased.”
It added: “It would be unreasonable to assume the reduction in the land hire charge is the sole determinant as to whether the festival is staged, but Solo has made it clear that unless costs can be reduced the event may not be viable to stage in 2017.
‘Solo has indicated they need to resolve all their costs by the end of October 2016 in order to make a decision as to whether the 2017 event will go ahead.’
The report is due to go before the Isle of Wight Council executive next Thursday.