Cornbury Music festival organiser Hugh Phillimore is trying to sell a 50 per cent stake in the event.

Mr Phillimore said last night that negotiations were at an advanced stage with two different companies he hoped would boost the annual west Oxfordshire event.

Mr Phillimore refused to name the organisations, but confirmed that “one is a large music group which includes a record company, the other is a large music promoter.”

The event has failed to make a profit for five years in a row but Mr Phillimore denied he was looking for purely a cash injection.

He said the arrangement would involve both finance and ‘know-how’ to improve the festival.

Mr Phillimore said: “I’ve been thinking about a partnership for a while.

“The festival has been going for over five years now and I think if it was with the right people it could be great.

“Both the parties I’m talking to are big names and realise that what makes Cornbury so special is its local feel.

“We have had six offers to buy it in one shape or other and there are now two left in the game.

“Both bring different things to the party.”

Getting a partner who was involved in other festivals could mean reduced costs for Cornbury, he said.

He added: “It’s all the boring stuff like getting better deals for staging and fencing.

“The backers we are looking at will bring with them an opportunity to reduce these costs.”

Mr Phillimore said the future of Cornbury was secure even if he did not find a new partner.

Cornbury Festival takes place in July in the grounds of Cornbury Park, the stately home near Charlbury.

Last year’s bash saw 27,000 people turning out over the course of the weekend to watch acts such as Paul Simon and Crowded House.

Mr Phillimore said he now hoped to make an announcement on March 6, the same day the festival’s line-up will be revealed.

He added: “I haven’t done the deal yet.

“Part of me would like to remain 100 per cent independent, but part of me realises that you can’t in this day and age.

“The festival has become much bigger than I imagined.

“It’s a million pound operation now, and when I started it was a couple of hundred thousand.

“It’s a very scary ride and it would be quite fun to have some of the big boys around.”

He added: “As long as I’m around it’s not going to change the basic feel of it.

“We are a small operation and this is a big number. We want to make sure that we have got good back-up .”

Speaking about this year’s festival, Mr Phillimore said he was very excited about some of the acts he hoped to confirm.

He said: “At the moment I’m quietly confident that we are going to come out with something fantastic.”

ckearney@oxfordmail.co.uk