Less than 9000 people were recorded going through the gates at the 2017 Royal Launceston Show.
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The show society was hoping for at least 12,000, according to its president Jock Gibson.
“At this stage we haven’t sat down and got all the things sorted out, but certainly it’s not enough,” he said.
“We’re not going to rush into it but certainly before Christmas we are going to have to make a decision [about the show’s future].”
Mr Gibson could not confirm the exact amount required to run the show but said security and insurance were the two biggest costs.
“We have to have security there for seven or eight days because we have no exhibition buildings where we can lock everything up because it’s a public thoroughfare there except when the show is actually on,” he said.
Finding major sponsors, who were capable of offering more than $1000, was also a tough task, Mr Gibson said.
Both the state government and City of Launceston contributed financially to the 2017 show.
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The council’s general manager Michael Stretton said the show society board had committed to presenting a report before Christmas about the outcome of this year's show and the event's future.
“The Royal National Agricultural and Pastoral Society of Tasmania has received event sponsorship as part of the City of Launceston's Events Sponsorship program, comprising $10,000 each year in 2013, 2014, 2015 and 2016, and $6250 in 2017,” he said.
“As part of its support this year, the council incorporated several conditions, including that the board of the show society be clear with the community that public support and patronage was vital to securing the event for future years.”
Mayor Albert van Zetten said funding had also been put into helping the show society board with a feasibility study about where they could be located.
“It obviously had a very good location at Newstead, financially they got into trouble so they sold that site and I think since then they have still struggled,” he said.
“They have been using up their reserves and nearly got to the end.
“Council was willing to support them for this show and stressed that we want to continue to support them as long as shows are viable.”
Alderman van Zetten said it was obvious that shows around the state and country were struggling, especially with the recent cancellation of the Devonport Show.
“We are very much aware that the site has not been the best site and there are other sites that would be more suitable, but mainly the big concern is if the show society can be viable,” he said.
“People not turning up doesn't help.”
Mr Gibson said the show society knew the long-term issues with the Inveresk site.
“Our preferred option is obviously a new site, somewhere in the Launceston area, starting from scratch that we could build a purpose built showground that could also be multi-use and be used 12 months a year,” he said.
“But we haven’t got the money to fund it, we would need government funding.”