Magic City Brewfest will not be held on June 9 and 10 as originally scheduled, with festival organizers saying the cost of renting Sloss Furnaces has risen to more than triple that of previous years.

Free the Hops and Yarbrough Company partnered to put to put on the event, and plan to hold the event later in the summer.

"This is devastating news for Free the Hops to share on behlalf of all the volunteers who have been working tirelessly to prepare for this fundraiser," Free the Hops President Carie Partain said in a statement.

Those who have already purchased tickets to the beer festival can either get a refund through PayPal or Ticketmaster (click here if you have trouble getting your refund through these channels). Only the face value of the ticket will be refunded, not the associated fees. The other option is that the tickets will be honored at the next event, no matter which session was originally purchased.

Free the Hops plans to announce a new venue and date by early June.

This will be the 11th annual Magic City Brewfest, which last year featured 28 craft brewers from across the U.S., 19 of which are Alabama brewers.