The new sole owners of the Big Day Out (BDO) have confirmed the music festival will not be held next year.
US company C3 Entertainment, who were yesterday revealed as the new owners of the event, made the announcement today.
It comes after months of speculation over the future of the long-running festival and revelations yesterday from Sydney Showground and Flemington Racecourse executives that festival organisers had cancelled their 2015 venue bookings.
Last week, festival co-owner AJ Maddah sold his stake in the festival to C3, having only just bought his way into BDO last year.
He is due to speak with Hack on triple j in an exclusive interview this afternoon.
Speaking with the Sydney Morning Herald, Sydney Showground manager Peter Thorpe said festival organisers cancelled their venue booking last week.
"It's very disappointing for the fans and for us because it's an iconic event," Mr Thorpe said.
"It was the first rock 'n roll event I went to and the first we held. I was there for 20 years at Paddington and we've been with it here ever since."
BDO has been a staple in the Australian music festival scene since 1992 when it debuted in Sydney before expanding to Adelaide, Melbourne and Perth the following year.
Festivals on Queensland's Gold Coast and in Auckland, New Zealand were added in 1994.
Rumours the festival would be scrapped first emerged last year following poor ticket sales and a loss of between $8 million and $15 million.
The Sydney event, normally scheduled for two days, was reduced to just one.
Mr Maddah also told triple j's Hack program the event would not be returning to Perth because it had become a burden for all involved.
Over the years, BDO has been headlined by bands and artists such as Pearl Jam, Red Hot Chili Peppers, Neil Young, Metallica, Beastie Boys, Foo Fighters, Limp Bizkit and Marilyn Manson.
http://au.news.yahoo.com/a/-/latest/24323663/big-day-out-music-festivals-new-us-owners-c3-confirm-event-cancelled-for-2015/
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