Estate is facing a "huge hole" in its finances

The Knebworth Estate are adjusting to the shock of Sonisphere's decision to postpone this summer's event.

One of Britain's largest rock events, Sonisphere is a fixture on the festival calendar. Set to return this summer, the decision by organiser's to postpone this year's event left fans in shock.

Sonisphere will not now be going ahead this summer, with the postponement set to have an enormous impact on the Knebworth Estate. Speaking to the Independent, Martha Lytton-Cobbold revealed that the loss of ticket revenue will affect restoration plans.

"Losing Sonisphere has left a huge hole in our financial projections" he explained. "But there is a lot of economic instability which affected ticket sales and the promoters took an intelligent decision to cancel this year."

Sonisphere could return in 2013, although festival organisers have yet to make a final decision on that front.

The original statement from Sonisphere read:

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It is with very heavy hearts and much regret that we announce the cancellation of Sonisphere Knebworth 2012.

Putting the festival together in what is proving to be a very challenging year was more difficult than we anticipated and we have spent the last few months fighting hard to keep Sonisphere in the calendar. Unfortunately circumstances have dictated that we would be unable to run the festival to a standard that both the artists and that Sonisphere’s audience would rightly expect.

We want to express our deepest regrets to the artists and to thank all the staff, suppliers and contractors who worked so hard with us to try and pull off what has proven to be an impossible task and we know how much they share in our disappointment. We also want to send a huge thanks to the Sonisphere fans who stuck by us and we are so sorry that we can’t fulfil what we set out to do.

Ticket holders will automatically receive a full refund direct from their ticket agents.

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Find out more HERE.

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