The troubled festival, a throwback to Longford's racing heydays of 1953 to 1968, received $140,000 from Events Tasmania in 2011 and 2012 with the promise of a return 2013 event.

Octagon Asia Pacific president Sean Nicholls said although a definitive decision had not been made, it was not likely to return in the near future.

``No, we haven't made a definitive decision, but I would suggest it is unlikely we will be holding it again,'' Mr Nicholls said.

``I think part of the issue for us is that when we sold our motor sport business, we also sold a significant portion of the ability that we had to run motor sport events.

``Has a definitive decision been made? No.

``Is it likely that we will run the event again in the foreseeable future? No, I think it's highly unlikely.''

Full story in The Examiner tomorrow.