Coventry City Council has taken the ‘difficult decision' not to run its three-day annual music and community festival due to financial reasons after 25 years.
The council has been trying to make the Godiva Festival self-funding but last year contributed a £346,000 subsidy, describing the event as a ‘much-loved part of the city's cultural offer'.
The festival, which attracts about 75,000 people, is estimated to cost about £1.2m to run.
Coventry said it recognised the importance of the festival to artists and audiences but had been facing ‘rising costs and industry challenges'.
It plans to carry out a ‘full review' of how the festival could be ‘delivered sustainably' in the future.
Deputy council leader Abdul Salam Khan said: ‘It is important that we carefully review how the festival can be delivered in a sustainable and cost-effective way that is affordable for Coventry's residents.
‘Our programme of exciting free and low-cost city centre events will be taking place for residents to enjoy this summer.'
