The company behind the Isle of Wight Festival wants its land-hire fee for the use of Seaclose Park to be waived by the Isle of Wight Council, according to a report going before the Executive Committee.

stereophonics isle of wight festival
Stereophonics appearing at the Isle of Wight Festival, 2016
Instead, Executive councillors will consider slashing the price paid by Solo to secure the land, by around 75%, when they meet next Thursday (13 October). Members of the Isle of Wight Council’s Executive Committee will hear how the event that has brought David Bowie, The Rolling Stones, Bruce Springsteen, Coldplay and Queen to the Isle of Wight, was estimated to be worth more than £10 million to the local economy in a 2009 report.
Pharrell Williams Isle of Wight Festival
Pharrell Williams at the Isle of Wight Festival, 2015
The council currently receives £55,000 per year from Solo for the use of Seaclose Park and it also holds a bond of £26,000 for the replacement or repair of any damage to the park during the event. Under Thursday’s proposal, which is recommended for approval, next year’s land hire fee would be reduced to £13,000, provided Solo agrees to fund and manage aspects of the event, including the use of Halberry Lane in Newport and the west bank of the river Medina.
2016 headliners Queen featuring Adam Lambert at the Isle of Wight Festival
2016 headliners Queen featuring Adam Lambert at the Isle of Wight Festival
The revised terms would be reviewed ahead of a  2018 Isle of Wight Festival and would not apply if the 2017 event sold more than 45,000 tickets (excluding day tickets). Promoter John Giddings has yet to name a date for the festival, which is usually held in June. He recently told Isle of Wight Radio that “sensitive negotiations” were underway, but did not reveal more details about what they might be about.

lucymorgan

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