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V Festival has been scrapped after 22 years

Virgin boss Richard Branson announced the news today that 2017 was his brand's "last V Festival."

He wrote on the company's website: "V Festival has always been a special weekend for everyone at Virgin.

"We’ve been proud to sponsor V Festival for the past two decades and there have been some incredible performances on the stage.

"Now, after 22 very enjoyable and successful years, 2017 was Virgin’s last V Festival.

"Being part of V Festival has been an honour and there are some amazing moments that will stay with me forever – including introducing Paul Weller and welcoming V2 Records’ first signing The Stereophonics to a massive audience.

"Working on V Festival has been a brilliant journey filled with great people, fun times and exceptional music.

"I have so many memories to cherish – from the mind-blowing performances to spending quality time at the festival with both Holly and Sam, who it’s no surprise are both music lovers after spending so much time dancing at V."

"We’re really excited about the future ahead and can’t wait to share our plans with music lovers across the globe."

However, fans need not fret just yet as the festival's official Twitter account posted that a music festival will run in its place next year with a new sponsor.

It read: "Thanks for being a great sponsor @Virgin. ? The name of the new festival that continues on the same weekend in 2018 will be announced soon ?"

V Festival, which has been operating at both Hylands Park, Chelmsford, and Weston Park, Staffordshire, in recent years, has seen some of the biggest artists in the world grace its stages including Justin Bieber, Foo Fighters and Rihanna.

This year's festival was headlined by Pink and Jay Z - who made the most elaborate entrance in the festival's history, arriving in a multi-million pound chopper.

The festival double header was popular with celebs who flocked to the sites to enjoy the music and the backstage vibe, with reality stars Chris and Kem famously meeting their idol Stormzy behind-the-scenes this year.

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