After rumours that it would be unable to go ahead, a statement has been issued confirming that the Festival Internacional de Benicassim (FIB) will be taking place this year.

Reports in the Spanish newspaper El Pais claimed that vendors at the festival site were owed ‘substantial amounts’ and were offered no guarantee on their payment, which coupled with the news of poor ticket sales, led to speculation that the festival may not be able to go ahead as planned. This would not be the first of Vince Power’s festivals to be cancelled, after Hop Farm Festival went into administration this year.

However, a statement has since been issued on the FIB Facebook page confirming that the festival will take place, announcing that Denis Desmond and SJM Concerts have acquired a major shareholding in Maraworld SA, the parent company of FIB.

Vince Power commented that “The difficult economic climate coupled with the bad year suffered by Music Festivals PLC has prompted my decision to sell a major shareholding in Benicàssim festival. I am pleased that 2 of Europe’s best known Festival Promoters are now taking part. FIB is one of the world’s most established and best-loved live music events and I wanted to ensure the future of the festival for many years to come. I am pleased we have found great partners to take Benicàssim forward to its next phase and to guarantee it is secure and solid for the fans, this year and every year. Next year Benicàssim celebrates its 20th anniversary and I look forward to many more memorable festivals in years to come.”

Benicassim will take place between 18th-21st July and sees Queens of the Stone Age, Beady Eye, Arctic Monkeys and The Killers headlining the main stage.