One of Ireland's biggest music festivals has been scrapped after organisers failed to secure top headlining acts.

Oxegen was due to be held at the Punchestown Racecourse in County Kildare over the summer (14), but financial issues and a lack of available performers has forced bosses at McD Productions to cancel the event this year.

A statement on the festival's official website reads: "It is with regret that McD announce that Oxegen will not take place this year due to lack of suitable headline acts which combined with the financial demands by local agencies make it no longer viable to stage the festival in its current form."

Oxegen has been a mainstay in Ireland's music scene since 2004, with big-name artists such as Coldplay, REM and Beyonce serving as headliners in the past, entertaining up to 80,000 fans.

The festival was cancelled in 2012, but returned last year (13) with David Guetta, Calvin Harris and Snoop Dogg serving as headliners.