Administrators called in after £500,000 shortfall

The Isle Of Skye Music Festival 2008 has been cancelled after organisers incurred a £500,000 shortfall and administrators were called in to sort the financial mess.

Last year, the likes of Kasabian, Primal Scream and KT Tunstall performed at the Scottish festival.

However, BBC News reports that some musicians and equipment suppliers are yet to be paid for last year’s services. As such, the festival will not be going ahead this year.

John Gilbertson, director of the festival, admitted that they had “jumped out of [their] league”, budgeting for 8,000 customers a day but attracting half that figure.