Austin-based company C3 Presents, who own America’s popular Lollapalooza festival, have confirmed that the Big Day Out will not return in 2015. The company now own 100 percent of the iconic Aussie event, after promoter AJ Maddah sold his 50 percent stake in the company to C3.

“C3 Presents is proud to own Big Day Out, one of the most iconic and established festival brands in the world. While we intend to bring back the festival in future years, we can confirm there will not be a Big Day Out in 2015,” read a statement from the festival’s new owner, published by Fairfax Media.

“We love working on BDO and are excited about the future,” they added. However, the company would not set a timeline for when the long-running summer festival would return, nor commit to the event’s traditional run of cities: Sydney, Melbourne, Adelaide, Perth, Gold Coast, and Auckland.

Fairfax Media cite an unnamed source in reporting that Maddah was allegedly unable to meet his obligations to pay half the debts incurred during the disastrous running of the event in 2014, which was marked by record low turnout, dissatisfied punters, and allegedly unpaid debts to contractors.

BIG DAY OUT’S GREATEST HITS

Maddah himself is yet to issue an official statement on the sale of his shares or the event’s cancellation. On his Twitter account, the promoter simply told one fan, “No stress. It’s a positive move,” and later announced that the “real details” will be revealed on Triple J Hack later today.

UPDATE 7:50pm AEST 26/06/14: Maddah now says he is still involved in Big Day Out, but questions remain unanswered. Details here.

Photos: Pearl Jam – Big Day Out 2014, Gold Coast 19/01/14

C3 Confirms Big Day Out Cancelled - Music Feeds WATCH GALLERY

Photos by Rebecca Reid