Concert-goers have been left in the dark about the fate of the annual Oxegen music festival.

For the past seven years, the three-day music event has been the highlight of the Irish music calendar, attracting up to 80,000 music fans to Punchestown Racecourse, Co Kildare.

However, there was a significant drop in attendance this year.

Rumours of Oxegen's demise have spread rapidly, and last night a spokesman for promoters MCD could not confirm whether it will definitely go ahead next year. "An announcement on Oxegen 2012 will be made at a later date," he said.

However, one source hinted that the promoters have been holding off making any announcement until 40,000 tickets go on sale this morning for a highly anticipated reunion gig by Manchester band the Stone Roses in the Phoenix Park in Dublin on July 5.

"Once the Stone Roses tickets are gone, I'd expect an announcement on Oxegen, and it will come before Christmas," said the source.

The Stone Roses playing Phoenix Park instead of Punchestown sparked the rumours about the absence of an Oxegen 2012.

However, one concert source pointed out the '80s band play Dublin on a Thursday, which would not compete with Oxegen if it were to be staged that weekend. The same insider rubbished claims that "rival summer festival the Electric Picnic" had stolen a march on Oxegen by its sale of early bird tickets for the event taking place in Stradbally, Co Laois, between August 31 and September 2.

"MCD are involved with both festivals so it's inaccurate to say that the Electric Picnic is a rival festival to Oxegen," said the source.

A possible rebranding of Oxegen and/or a different location are two other potential changes which have been suggested could be made to the festival.