The stricken event, which was cancelled last year by previous promoter Vince Power due to poor ticket sales, returned this summer under new management.

It was run by Neil Butkeraitis using UK Events and Production, his specialist music and entertainment company and UK Security Services and Products Ltd.

Mr Butkeraitis was a director of all three of the Nottingham-based firms, and resigned from the latter on September 10, the last of the three directors to leave.

He said finanical disagreements behind the scenes, meant that contractors were left unpaid, including his own firms. “The festival will not continue. It is cursed ground."- festival organiser Neil Butkeraitis

He said: “In 10 years in the industry this has never happened to me". “The event was delivered under our £3 million budget -what didn't stick up was ticket sales but the festival was part of a three year plan for the site".

“Even though everyone locally enjoyed the festival and we had some big acts lined up for next year and now three of my companies look like they will go into liquidation".

“I’m absolutely gutted. The festival will not continue. It is cursed ground.”

But he did add that he was looking into setting up another festival in the area.