The Royal Launceston Show Society owes the City of Launceston more than $100,000, according to sources.
It is understood other creditors are owed “significantly more”.
It was these figures, which were revealed in an independent auditor’s report, that the council used as the basis to deny further financial support.
Society president Jock Gibson said the document would not be made public.
“We are certainly not going to release it, it wouldn’t be normal to do so ... there are commercial considerations,” he said.
A meeting between council officers and society members on Friday did not reveal any new information that could help host a show in 2018, Mr Gibson said.
“They didn’t really have an answer for us, we will be having ongoing talks with them but they haven't put anything to us at this stage that changes the situation.”
Showmen's Guild of Tasmania secretary Diane Alexander said with the demise of the Royal Launceston Show and the Devonport show, many operators will not make the expensive trip across the Bass Strait.
“Almost half of our members come from the mainland, we do have a lot of members here in Tasmania with equipment but some of the major rides and games come from the mainlanders who come over for a few months and do the show circuit,” she said.
“With the second largest show in the state folding and third largest, which has already folded, they will definitely rethink coming to Tasmania.”
This could lead to a domino effect, where one by one the shows will fade away, Ms Alexander said. “It would not be economically viable, the little shows are the bread and butter, you don’t make a lot of money but it tides you over for the week.”
The Showmen’s Guild members will not be the only people affected if the show folds. There are many volunteers, cottage industry participants, woodchopping, dog showing, horse jumping and agricultural competitors who take part in activities.
“That is basically why we have been trying so hard over recent years to keep the Launceston show going because we are fully aware of the implications that us not having a show would have,” Mr Gibson said.