The V Festival may not go ahead next March unless a new local promoter gets on board, as Michael Coppel has pulled out of the deal with Sir Richard Branson. The V Fest has consistently lost money in the last three years but a couple of years ago Branson stated that he was committed to the festival’s existence because of the “audience experience”.
For the past three years, the Virgin Group and Michael Coppel Presents have worked together to deliver the acclaimed V Festival to Australian audiences,” Coppel said in a statement. “The presentation of V Festival in 2009 concluded this arrangement and the partnership is not being renewed. The Virgin Group will make further announcements regarding V Festival in Australia in the coming months.”
Coppel is reportedly working on another festival for 2010.