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This year's Folkestone Airshow has been cancelled because of financial problems. The three day event has been called off around four weeks before it was due to take place.
In a statement, organiser, Folkestone Town Centre Management Ltd says the decision follows "intense last minute efforts to secure guaranteed pre-event funding.
Airshow project manager Yvonne Holder said that because the event was free most of the revenue needed to meet its considerable up-front costs depended on getting in money from sponsorships, donations and fund-raising activities before the air show weekend.
She said: "In the end, lack of financial support for the Fly Folkestone fund-raising campaign meant that FTCM, a not-for-profit organisation, had to decide that the funds available were not sufficient, time to seek new sources of income was too short and the financial risks of proceeding with the event, therefore, were too great.
"The decision to call the show off was taken with immense regret. We know it will disappoint thousands of people."
Organisers say they are hopeful that the event can go ahead next year and they are currently looking at the suggestion that financial supporters be asked to carry forward their commitment so that an event with guaranteed up-front funding conditions can be staged possibly in 2014.
Chris Kirkham, manager of the Discover Folkestone, Hythe and Romney Marsh tourism marketing organisation and a member of theAirshow planning group, said that the three-day event had been expected to attract up to 100,000 visitors and had the potential to give a multi-million pound boost to shops and tourism-related businesses in and around Folkestone.
He said: "The cancellation of this high-profile crowd-puller is hugely disappointing. I'm sure everyone would cheer if arrangements could be made to restore the show to the Shepway festivals and events calendar at some time in the future".