In 2018 the event had a £300,000 overspend.
After weeks of speculation Bradford Council has confirmed that Bingley Music Live will not run this year.
A release by the Council this afternoon says the 2019 festival, which was due to be held in Myrtle Park late August, would not be going ahead after the Council took a “difficult decision” to scrap it.
As recently reported, the 2018 the event ran at a loss, and questions about its future were raised in recent weeks after no announcements about this year’s lineup had yet been made.
A statement from the Council said: “The fallow year will give the land, local population and the organisers a break whilst exploring different operating models which would limit the future financial risk to the council. This would include the potential to work with partners to stage the event.”
Steve Hartley, Strategic Director of Place at Bradford Council, said: “Unfortunately we have had to take the difficult decision to take a year out of Bingley Music Live this year. It is not a decision that we have taken lightly, but we feel that we need to take a year out to take stock of the event’s organisation. In these difficult financial times for councils up and down the country, we cannot afford to lose money on the event.
“We care about Bingley and know the event will be missed by the many people who have grown to enjoy it.
“We’re also aware that Bingley Music Live has been a boost for the town’s economy and we’ll work with local Bingley organisations to look at what else we might be able to do in the area this year. With this in mind we have decided to give £20,000 to Bingley Chamber of Trade to run events in the town this year to support the local economy.
“While there will not be a Bingley Music Live in 2019 there are still lots of great events across the district this year including the Dragonboat Festival at Saltaire in June, Bradford Festival in July and the UCI cycling world championships at the end of September.
"Taking a year out will allow for the delivery in 2020 of a well-planned, sustainable festival that provides a great experience for visitors to and residents of the district.”