LOS ANGELES (CBSLA) – A popular annual downtown Los Angeles music and arts festival which started as a cheap alternative to Coachella nearly a decade ago will not be returning this year.

Organizers for Broke L.A., which originally went by the name “Brokechella,” announced in a statement on Facebook Wednesday that the festival will not be happening this year.

“Unless we can give our loyal and vibrant community the true BROKE party we all know and love, with our mission and resources intact, we agree it just wouldn’t be right.

“So, BROKE LA won’t be back this year, and we’re not sure what will happen in the future”, the statement read.

The festival was started in the spring of 2010 and has taken place every year, growing into a “multi stage, art-filled festival showcasing hundreds of artists and thousands of fans.”