As Vince Power calls in the administrators for his company Music Festivals PLC, it almost certainly spells the end for the Hop Farm Music Festival.
Another outing at the venue near Paddock Wood next year looks near on impossible after the fiery Irish promoter suspended shares on his company on Friday.
Its last share price left the company worth a little over 3% of its value when it debuted on the stock market last June. It had gone from a valuation of £10 million to just £310,000.
It seems the weather, the Olympics and a crowded market all conspired against the event, which was headlined by Bob Dylan, Peter Gabriel and Suede earlier this year.
Power, pictured above, is also less likely to save the Hop Farm, which ran for five years, now that he stands to lose a lot from the company's failure, owning 23% of the company and about 40% including the stakes of his family.
He has been bitten like this before, losing nearly £8 million in 2010, when his music promotions business, Power Music Group, went under. He is unlikely to allow lightening to strike thrice.
It is a bitter blow for the man described as the father of the commercial British festival, whose Mean Fiddler company turned Reading and Glastonbury into the mega bucks money machines they are today.
He sold that company for £38 million in 2005 but he must now be on the verge of putting his festival management days behind him after a superb, but ultimately costly, swansong with the Hop Farm Music Festival and Valencia-based Benicassim.
The Hop Farm put on the likes of Neil Young, Paul Weller, Florence + The Machine, Mumford and Sons, Morrissey and Prince, pictured. It attracted criticism from some corners for its crowd being on the reserved side at times but no one can deny that every improving line up put it among the country's top music events.
Arguably this year's line up was its least impressive so far, bringing Bob Dylan back to headline two years after his first appearance in the county.
It suggests Mr Power was hoping to weather a tough year with a safe line up and then pull out all the stops once again for 2013.
The freezing of Music Festival PLC's shares also sheds some light on the bizarre move to switch the location of Leonard Cohen's two UK gigs from the Hop Farm to Wembley Arena.
AEG Live came in to jointly promote the event at the eleventh hour and a statement at the time said the move was a precautionary measure against the "unseasonal cold and wet weather this summer."
Now speculation must focus on how much the move was about AEG minimising outlay as its fellow promoter stared at the writing on the wall, rather than maximising potential revenues for the struggling Music Festivals PLC, in case of rain or otherwise.
Ultimately, it is a sorry tale typical of these tough economic times.
Mr Power was lured back into the festival market after interest in live music peaked about five years ago and must now pay the price for operating in an unstable, saturated market.
With the Olympics, the Diamond Jubilee, mushrooming petrol prices and pay freezes, many festival goers could not afford a £100 weekend ticket and opted to take a year off from muddy fields and overpriced beer.
Like the banking sector before it, it seems the festival market assumed the good times would never end.
Unless an unlikely benefactor appears from somewhere, it seems the Hop Farm Music Festival will become another brilliant but brief part of musical history.