Coventry City Council expects it has missed out on income of £130,000 after the Godiva Festival was cancelled - and admitted it had not taken out insurance to cover cancellation of the music event.
The UK’s biggest free festival was called off by council leaders, on advice of expert events organisers on Friday morning.
The council estimated it missed out on £130,000 from festival trade, including sponsorship, which would have offset the £446,000 cost of putting on the three-day free music festival.
Echo And The Bunnymen were due to play on Friday evening, with fellow Liverpool bands Cast and Space also on the weekend bill.
The council said no claim for loss of income had yet been lodged by any trader – including bands’ management companies.
Council deputy leader George Duggins said on Friday the extremely muddy and wet conditions were dangerous - and crew members said vehicles could not get on or off the War Memorial Park site.
Some of the acts – mainly local bands – played instead at the Kasbah nightclub in Hillfields, but main headline acts didn't perform.
The council said the costs of organising the festival would be similar to last year’s £426,000.
The 2011 bill included £82,000 on acts; £141,000 on the site’s infrastructure including staging and lighting; £101,000 on staff including stewards and security; £24,000 on marketing and £9,000 on hospitality, including catering.
Asked about expected additional costs due to cancellation, a council spokesman said: “We’ll lose the projected income from the concessions and sponsorship of around £130,000.”
He continued: “The council has public liability insurance for large events like Godiva, but does not take out insurance against any cancellation of the festival due to weather – it’s very expensive and very prescriptive, depending on very detailed timings of rainfall and conditions.
“Although stall holders were obviously as disappointed as us that the event had to be cancelled, all appreciated that we had no alternative.
“Many have already seen events cancelled across the country because of the dreadful summer and those who had tried to get on site ahead of Godiva being cancelled appreciated how bad conditions were.”
He said the council did not expect any organisation to submit compensation claims.