The iconic Isle of Wight Festival could be shelved in 2017 if costs aren't cut.

A new report by the local council has revealed that organisers Solo Promoters Ltd has asked the authority to waive its hire fee.

However, the council is thinking about cutting the cost by £42,000.

The report said: "There is a real risk that unless Solo can reduce its costs and or increase ticket sales that the event may be cancelled."

This year's event saw Queen + Adam Lambert headline, with 58,000 people attending.

The festival first ran between 1968 and 1970 before returning in 2002.

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Watch clips from the Isle of Wight Festival below: