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30 October 2017, 17:58
Virgin has withdrawn its sponsorship from the music event after 22 years.
V Festival is set to get a new look and name next year.
As Music Week reveals, Richard Branson's Virgin brand has withdrawn its sponsorship of the event after over two decades of support.
Richard Branson also shared the news on Twitter, captioning an image of line-up posters from across the years: “After 22 very enjoyable and successful years, 2017 was Virgin's last V Festival".
V Festival tweeted: "Thanks for being a great sponsor @Virgin. The name of the new festival that continues on the same weekend in 2018 will be announced soon".
Thanks for being a great sponsor @Virgin. The name of the new festival that continues on the same weekend in 2018 will be announced soon— V FESTIVAL (@vfestival) October 30, 2017
According to the outlet, Festival Republic MD Melvin Benn said: “The festivals will continue, we have the announcement later in November of the replacement name".
“We are looking forward to the new festival now, it’s just something that we are incredibly excited about.”
“It will very much continue to have a pop and dance focus,” Benn added. "We will have a complete refresh and it's likely to go to three days. I believe the demand warrants it - the demand and the talent are out there."
Music Week adds that the new event is set to expand over three or four sites.
Photo credit: Louise Wilson/Getty Images