Bumbershoot festival organizers confirmed its 2020 version is on schedule, despite the fact that lead promoter AEG Live pulled out, Brooklynvegan reports. Held in 1971, Bumbershoot festival is one of the largest music festivals in North America that annually takes place in Seattle on Labor Day Weekend. After several years of financial troubles, AEG Live took over the festival as a lead promoter in 2015, while One Reel provided side support.

Vice President Rob Thomas from AEG Pacific Northwest confirmed their withdrawal in a statement.“Bumbershoot is a cultural fixture and an important part of our community. We worked tirelessly to come up with a long-term solution to remain involved, but came to the conclusion that we were unable to renew our contract at this juncture.” He added, “we have had five wonderful years working with One Reel and the city of Seattle on creating some memorable Bumbershoot moments, and we want to thank everyone involved for allowing us to play a part in that.”

AEG revealed the financial troubles of the event resulted in the split. “Following financial and operational challenges related to the 2014 festival,” the statement reads, “the City worked with the festival’s appointed producer, One Reel, to create a new business model to sustain Bumbershoot. AEG Presents stepped forward as a producing partner and provided a major financial infusion, saving the 2015 festival and sustaining the annual event for five years.”

Rumors about the cancelation of the 2020 Bumbershoot festival have been stirred up since AEG announced their statement. One Reel expressed their determination to continue the Seattle’s longest-lived music and arts festival in a statement, which currently reads:

“You may be wondering if Bumbershoot will be back next year and we are happy to report…

Bumbershoot will return to Seattle Center on Labor Day Weekend (Sept. 4-6, 2020)!

What can you expect?

While the details won’t be announced until early next year, we can tell you this: Everyone at One Reel is excited to usher in a new era for Bumbershoot that embraces the festival’s long legacy of multi-generational programming and community participation.

We are currently working with the City of Seattle and Seattle Center, to create a new model for Bumbershoot that honors both the festival’s origin and history, while ensuring the festival is sustainable for the long haul.”

The 2019 Bumbershoot festival brought a string of top music performances to the stage, featuring The Lumineers, H.E.R., Tyler, the Creator, Rezz, Louis the Child and Jai Wolf. However, a collapse accident during Jai Wolf’s set caused four festival-goers to be hospitalized with dozens more being treated at the festival.