Many rumours were swirling after artists began pulling out of the event citing issues with organisers.

Writing on Facebook, ATP broke the news:

It is with deep sadness we are announcing that ATP Festivals and live promotions are closing down. After months of speculation, our funding for Iceland has been pulled and we are no longer able to continue so will be closing down the entire live side of ATP festivals and live promotions with immediate effect and going into administration.

ATP Iceland festival is no longer happening, but all our other UK shows will have new promoters appointed and tickets transferred (all purchased tickets remain valid with the new promoter). We will post details of the administrators and what to do for festival ticket refunds over the next week.

We are very sorry we could not make this work and have tried to survive throughout all our recent losses but we are no longer able to trade and have to accept we cannot go on.

Thank you to all our loyal customers who have supported us and incredible artists who have performed or curated for us over the years and made ATP so special while it lasted.

ATP Iceland was due to take place next month, and would've been ATP's first major event since their Drive Like Jehu event was cancelled last minute earlier this year. As with Iceland, the DLK event featured widespread reports of artists pulling out last minute, including John Cale, after issues with organisers.

This is the latest in a sadly long line of troubles with ATP, with many events cancelled or altered at the last minute - most notoriously Jabberwocky in 2014.