Lowestoft Air Festival will not take place in 2014

Lowestoft Vision claimed a "vast majority" of businesses wanted the air show to return

Organisers of the Lowestoft Air Festival, which was cancelled this year, are now accepting it will not happen next year.

Last month, the Lowestoft Vision group said it was "reasonably confident" it would raise the £60,000 needed for a 2014 event.

But it has now concluded that the money will not be raised in time.

The group said it had secured £40,000 in pledges, but it was acting on advice that it needed the money upfront.

The two-day air show formerly attracted up to 240,000 people.

However, Lowestoft Seafront Air Festival Limited said its reserves had fallen after the 2012 event when poor weather affected attendance and not enough visitors made the voluntary entrance donations.

Danny Steel, chairman of Lowestoft Vision, said: "We're trying to bring the air show back again, but we rely on the expertise of the show's organising committee.

"When the committee met, they decided they needed cash on on the table rather than pledges, which changed the dynamic of the fundraising operation.

"I understand and it's obviously a great shame, but we've had to accept there won't be a show next year."

The festival costs about £300,000 to stage and the committee said it needed £60,000 for its contingency fund which covers bad weather and poor attendance.

Lowestoft Vision said alternatives summer entertainments such as sea festival or a music festival on the Royal Green were being considered.