Glastonbury Festival did not make a profit for the first time since its 1970 inception, Michael Eavis has revealed.
The organiser of the Worthy Farm bash told 6Music that rising fuel costs and other general price hikes were to blame.
He also admitted that they had to sell out to make a profit, but the festival still managed to give £1 million to charity.
Speaking at Thursday's UK Festival Awards, Eavis said: "It was hard work making it work last year because costing had gone through the roof and the diesel costs had gone up by about 200,000 pounds. All the other costs had gone up as well.
"Glastonbury costs 22 million now, it's a huge cost. The infrastructure, the fencing, the roads, the water and the loos, the marquees, the management, the security and the police, it goes on and on so we do have to sell out in order to make it work."
Eavis also admitted that there is no money to reinvest into the festival. He said: "We still made about a million pounds for the charities we work for, so we actually achieved a million but we didn't make any beyond that. There's no money to reinvest or anything.
"Having said that, it's the first year in 39 years that we didn’t make anything out of it, so it's not bad really is it."
Bestival organiser Rob Da Bank also admitted that his festivals didn’t make money this year. He said: "We put so much heart and soul into these things, we don’t make money. It really is all about the love. To win Best New Festival for Camp Bestival, which was a massive risk, is a really good reward."
Glastonbury Festival picked up three honours at the UK Festival Awards including Best Major, Most Memorable Moment for Jay-Z's version of Oasis' 'Wonderwall' and the Outstanding Contribution to festival award for Michael Eavis himself.
Camp Bestival also won Best New Festival. Click HERE for a full list of the winners.