The Isle of Wight Festival could be cancelled from next year unless fee changes are agreed, the council has said.
The festival re-launched in 2002 but organisers Solo Promoters have asked the Isle of Wight council to waive its £55,000 for the usage of its venue Seaclose Park in order to make the festival more viable.
The current council arrangement for Seaclose Park expires in 2019, but the council fears that promoters will decide that they are unable to stage the festival in 2017.
A report published the Isle of Wight Council stated: "Unless Solo can reduce its costs and increase ticket sales, there is a real risk that the event might be cancelled.
Isle of Wight council leader Cllr Jonathan Bacon, said: "The Isle of Wight Festival is a world-renowned event that has benefited the Island hugely since its reintroduction and subsequently has been a successful development by Solo."
"It has attracted numerous world-famous performers to the Island over the past 14 years, as well as hundreds of thousands of visitors.
"But it is vital we continue to work closely in partnership with Solo to ensure that the festival continues to thrive and develop, and to continue to bring economic and many other benefits to the Island."
The council will decide in a meeting on Thursday, October 13th whether to consider reducing its fee to £13,000, with the condition that the promoters Solo take on additional duties like traffic management and security.
The £42,000 fee reduction is due to the cost of additional duties, the council says.
Lets hope it all gets sorted and this historic festival can continue.