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The current principal at MF LIVE Inc., the company behind the defunct Roxodus festival, is now changing its tune on why the four-day outdoor concert was cancelled.

In a statement to Global News Saturday, Fab Loranger blames his former partner, Mike Dunphy, and a loss of “millions” as the real reason next week’s concert is no more.

“Our specific role in the entire project was to provide the funding,” Loranger writes. “We invested millions of dollars. We relied on Mr. Dunphy, his representations and his advice, to ensure everything was properly taken care of. It obviously wasn’t. We lost it all.”

READ MORE: Relief may be on the way for Roxodus ticket holders

The company had originally cited wet weather as the reason for the cancellation.

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“During the past couple of months, our venue at Edenvale Airport has battled tremendous rainy weather that has impacted our ability to produce the festival,” the Roxodus website read on Wednesday.

Loranger’s former partner, Dunphy, called the allegations “ridiculous.”

“That is an incorrect statement,” Dunphy said. “I disagree with that statement and the facts will play out and show otherwise.”

WATCH: Roxodus Music Fest cancelled

0:29 Roxodus Music Fest cancelled Roxodus Music Fest cancelled

The concert was slated to take place between July 11 and 13 just outside Wasaga Beach, boasting big names such as Aerosmith, Kid Rock, Nickelback and Lynyrd Skynyrd.

Dunphy left MF Live Inc. before the cancellation of Roxodus.

On Wednesday, OPP confirmed to Global News that they were investigating a former employee of the company but did not confirm if it was in relation to the concert.

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In the wake of the cancellation, ticket holders spoke out on social media.

In a statement Friday, Dunphy wrote: “I have not stolen monies as widely rumoured on social media. I was not involved with any decisions regarding ROXODUS Music Festival at the time of its cancellation.”

Meantime, ticketing company Eventbrite responded to concerned ticket holders on Saturday, hoping to offer some relief.

WATCH: Work appears stalled at venue that was to host Roxodus music festival

1:02 Work appears stalled at venue that was to host Roxodus music festival Work appears stalled at venue that was to host Roxodus music festival

“After multiple attempts to communicate and secure funds back from Roxodus organizers, they have provided no indication that they will refund ticket holders,” the company said. “We believe attendees deserve to get their money back now, so we have set up an Eventbrite-funded Fan Relief Program to make all Roxodus ticket holders whole while we continue to aggressively pursue the return of funds from the festival’s creators.”

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Loranger told Global News via email that the company was “pleased to learn” that ticket holders would get their money back.

“That of course, is the most important thing,” he said.