Plans for a major live music festival at Camperdown Park next year have been shelved after the promoters’ proposed financial backers failed to come up with the money for deposits.
Dundee-based promoters JAM Promotions confirmed they have been forced to pull the plug on the event, which was set to take place over two days in May.
A source said JAM Promotions had “failed to sign the terms and conditions and lodge the necessary deposit for the use of the land” at Camperdown.
Jim Louden and Mike Craig said they were “absolutely gutted” after the funders refused to come up with the cash after “promising” to underpin the event ahead of tickets going on sale.
Organisers spent around “£100,000 of their own money over seven years of planning”, Mr Craig said.
Mr Louden confirmed the move last night, saying neither he nor Mr Craig could believe their backers had pulled out and let them down at the 11th hour.
“They were at meetings with the council and gave them letters of intent, saying how much they were prepared to put in,” Mr Louden said.
“They obviously didn’t have the money they told us they did because when it came to the bit, they backed off.
“The thing is we had a sponsorship deal agreed with a brewery worth about £30,000 but this lot said they would handle the bars themselves. Now they’ve failed to come up with the cash just when deposits were due to be paid.
“We’ve spent about £30,000 this year alone in paying for a professional event manager, paying various fees and making sure everything was in place.
“We did our bit. Our job was to get the licence and we did. We worked really hard with the council, who were brilliant. It took a long time and a lot of effort from all of us.
“But their letters of intent weren’t worth the paper they were written on.”
Bands such Placebo, Suede, Editors, Twin Atlantic, Ash, The Strypes, Myles Kane and Frightened Rabbit had been lined up for the festival.
Mr Craig said: “We were very close to getting what we needed after agreeing deals with a ticket agency. We’re not that far away. We both feel we’ve come this far and we’re too close to give up totally.”
A Dundee City Council spokesman said: “The organisers have formally withdrawn their application to use the land at Camperdown Country Park.
“Council officers have been working with them for a considerable amount of time to assist them in their preparations.
“A public entertainment licence had been granted for an event in October 2013 and progress was being made toward the granting of a similar licence for an event in May 2014 before the organisers withdrew.
“Dundee City Council remains keen to promote Camperdown as a suitable venue for a future music event.”