The festival promoters of this summer's Sonisphere festival have released a statement to announce the cancellation of the Knebworth event.
This morning the official Sonisphere website removed all content aside from a statement which read:
"It is with very heavy hearts and much regret that we announce the cancellation of Sonisphere Knebworth 2012.
Putting the festival together in what is proving to be a very challenging year was more difficult than we anticipated and we have spent the last few months fighting hard to keep Sonisphere in the calendar. Unfortunately circumstances have dictated that we would be unable to run the festival to a standard that both the artists and that Sonisphere's audience would rightly expect.
We want to express our deepest regrets to the artists and to thank all the staff, suppliers and contractors who worked so hard with us to try and pull off what has proven to be an impossible task and we know how much they share in our disappointment. We also want to send a huge thanks to the Sonisphere fans who stuck by us and we are so sorry that we can't fulfil what we set out to do.
Ticket holders will automatically receive a full refund direct from their ticket agents.
This year's headliners Queen who were due to play on the Saturday night, with Kiss and Faith No More the other two top billers, also released a statement to their fans via queenonline.com
"We are disappointed to hear of the cancellation of the Sonisphere Festivals as we were very much looking forward to performing with Adam Lambert and particularly as the venue was Knebworth, our last stand with Freddie. We apologise for the disappointment to all those who were looking forward to seeing us. We are working to see if we can redress the situation at some other venue.
Roger Taylor and Brian May"
There have been mixed reactions to the news so far, as fans took to twitter and various website forums to express their sadness at missing out, but with many citing the inflated ticket prices and over crowded UK festival scene for the demise of the event.
Other festivals to be cancelled this summer, include Oxegen and The Big Chill.
Meanwhile, there will be no Glastonabury as the iconic event is having a fallow year.