The company behind the Ashton Court Festival in Bristol is to fold.
Bristol Community Festival, a not-for-profit company, is now talking to insolvency practitioners with a view to liquidating the company.
Poor weather meant the second day of the two-day event was cancelled this year, leaving an unsustainable financial loss.
"It's a tragedy that after 33 years we've been beaten by events beyond our control," said chairman Kevin Rooney.
"After last year's difficulties we moved heaven and earth to save the festival and by Saturday night it looked like we'd succeeded.
"Being dealt this severe blow at the last minute is absolutely devastating."
Bruce Williamson, from the Festival, told the BBC that people who bought tickets for Sunday would be refunded but would not comment further.
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