Troubled music festival Big Day Out will not be returning to Australia in 2015 and is now entirely US-owned.

In a report by the Sydney Morning Herald, the Australian director of the event, AJ Maddah, has sold his share of the company to American company C3 Presents.

Regular Big Day Out (BDO) venues like the Sydney Showground and Melbourne’s Flemington Racecourse have also confirmed that the music festival has not been booked for 2015.

General Manager of Sydney Showground, Peter Thorpe, confirmed this week with Fairfax that they will not be hosting BDO next year.

“All I know is they cancelled the booking last week and we were told to release the date,” Mr Thorpe said.

An anonymous venue owner who did not want to be named confirmed the report.

“Your story is 100 per cent correct. There will not be a Big Day Out in 2015. Not a single agent has been approached by the Big Day Out,” he said to Fairfax.

This year’s festival was allegedly a flop, with reduced crowd numbers and allegations that the event lost between $9 and $12 million.

Less than a year ago, Maddah, who also ran the Soundwave and Harvest music festivals, was named the most powerful person in the music industry.

Harvest Festival has since been cancelled and is also on hiatus.