The Yarmouth Old Gaffers Festival has been axed by organisers, bringing about a devastating blow for the town.
Around 30,000 people descend on the West Wight each May for the gathering of classic boats and shore side entertainment, but after 20 years time has been called on the 3-day event.
A lack of willing volunteers and the rising cost of hosting such a large festival has taken its toll. It costs around £100,000 to stage the event.
In 2015 the decision was taken to alter the format of the Old Gaffers Festival, switching from annual to bi-annual.
Monies left in the kitty will now be shared among good causes locally.