It will be next week before the successful bidder is known
The future of Brecon jazz festival will be decided at a meeting of the Arts Council of Wales later.
It is understood that at least four groups have shown an interest in staging the annual event.
But the successful bidder is not expected to be announced until early next week.
The arts council, which is meeting in Ruthin, Denbighshire, is overseeing the rescue bids after the company running the festival ceased trading last month.
The company went into liquidation at a creditors' meeting on 9 January, while a deadline for applications to stage this year's festival was 10 days later.
Four groups are thought to be interested in running Brecon jazz festival.
Among them are two businessmen, Ben Jones, of the Celtic Spirit Group, and corporate events organiser John Ellson.
Others include Brecon's Theatr Brycheiniog, Porthcawl Jazz Festival and the Hay Festival.
Theatr Brycheiniog director Andy Eagle said: "Whichever bid is successful, we are just so pleased there will be a jazz festival at all in Brecon in 2009.
"We need to get back to the halcyon days of the festival when people came to see the best jazz artists in the world and to party safely in the streets."
The jazz festival, held every August, celebrated its 25th anniversary in 2008.
But it ran into financial difficulties after poor weather hit ticket sales.