THIS year's Thanet airshow has been cancelled after organisers Tonge Events refused to carry any financial risk from the event.

That would mean Thanet Council having to underwrite the Air Show by £300,000 when, in previous years, the underwriting had been just £30,000.

Airshows are notoriously expensive to run and even more difficult to run at a profit, but their high profile has led to them being seen as a loss-leader.

The Palm Bay show has been going for two years, bringing thousands of visitors to the clifftops to see displays by all kinds of aircraft, including the new Typhoon, the Red Arrows and Second World War fighter planes.

It is hoped that it will return in 2008 but in the meantime Thanet Council is arranging a free event to replace it on the Father’s Day weekend in June.

The event, which will feature music, arena acts, clowns, entertainers, trapeze artists and pyrotechnics will take place at Palm Bay on June 16 and 17 and will include aerial displays over the area on both days.

A council statement explained that the decision to cancel the airshow had to be taken now, as the RAF were due to finalise their flying schedule for the coming year and aircraft had already been provisionally allocated to Margate.