The BlackCreek Summer Music Festival is suspending their 2012 concert season to ensure that the execution of a new financing strategy that would provide long-term financial stability and near-term cash flow for the festival is its highest priority.

While the inaugural 2011 season received critical acclaim for the line up of world-class performers as well as the intimacy of the Rexall Centre venue and its acoustical qualities, the lower than expected ticket sales revenue proved too great of a financial challenge to move forward at this time with the 2012 season.

The 2011 season included memorable performances from a broad range of genres including Plácido Domingo, James Taylor, Diana Krall, Tony Bennett, Helen Mirren, Jeremy Irons, Brad Paisley and after a 26 year absence from Toronto, the London Symphony Orchestra, to name but a few. Outstanding local musical talent was on display with inspired performances from the BlackCreek Festival Orchestra and Chorus. The artistic success of the 2011 season would not have been achieved without the hard work, dedication and passion of the Festival's staff, crew, suppliers, media partners, sponsors, chorus and musicians. They are all to be congratulated for their achievements in launching the festival and thanked for their patience during this trying financial period.

The BlackCreek Summer Music Festival is Canada's only summer-long music festival. BlackCreek was conceived on the similar premise that provided the foundation of the wonderful summer music festivals in the US, such as Tanglewood in Massachusetts, Ravinia, north of Chicago and Wolf Trap near Washington, DC. There are over 100 summer music festivals in the US, but before BlackCreek, not one in Canada. Unlike these major summer music festivals, BlackCreek is not a not-for-profit organization, and unlike every major arts festival in Ontario, did not receive government funding which certainly accelerated the financial challenges.

"We are still of the strong belief that Toronto and Ontario should be home to a leading summer music festival and that the benefits to the cultural community and tourism industry can be significant." said Kevin Albrecht, a member of the festival's investor group. "It has been a true challenge to launch such an ambitious undertaking and we would like to thank everyone who believes in this vision and for their support throughout. There are certainly hurdles to clear in order to move forward which cannot be achieved without long-term financial restructuring and that's where the focus must be at this time."

A further update will be provided by March 31, 2012