Organizers at the Merritt Mountain Music Festival said this year's attendance, 10,000 to 12,000, fell short of the 18,000 needed to turn a profit.Organizers at the Merritt Mountain Music Festival said this year's attendance, 10,000 to 12,000, fell short of the 18,000 needed to turn a profit. (CBC)

Merritt Mountain Music Festival organizers say this year's country music celebration was its last, blaming dwindling attendance that finally fell short.

Claude Lelievre, co-founder of the 17-year-old British Columbia festival, said attendance of 10,000 to 12,000 fell short of the 18,000 needed to make a profit.

"Being a small family business, the cost of running this operation, starting over again almost from square one and back up, the burden is just too heavy for our small shoulders," said Lelievre.

CBC News has also learned that Active Mountain Entertainment, which runs the festival and owns some of the land the festival uses, is also in foreclosure on a development that would have included a raceway and golf course. The Western Canadian Bank is hoping to sell the land to recoup the almost $4-million lent to Active Mountain Resort Ltd.

The company declined to comment on the foreclosure but said it is looking for a new partner.