The city of Sheffield will have the opportunity to buy shares in the local music festival, Tramlines Festival, as part of a £1.2m bid.

The bid that has been set up by Music City Foundation, a not-for-profit organisation, aims to preserve the Tramlines Festival for the benefit of the City of Sheffield. The Tramlines Festival last year generated over £6m for the city across the weekend.

“Music City Foundation plans to buy back the festival for the people. Our aim is to support both economic and cultural growth,” said Winston Hazel, director of Music City Foundation.

The current owners of Tramlines Events have agreed to the bid price of £1.2m, which is lower than its market value in order to encourage the public to invest in the event. The offer will be open until mid June. Share packages will start at £200 and registration will open on 12 April.

“Sheffield is one of the most culturally diverse and stimulating cities in the UK. It is the birthplace of Arctic Monkeys, Pulp and Bring Me The Horizon. 7.4 per cent of our population is employed by the creative industries. The national average is just four per cent. We want to ensure that Tramlines continues to support our vibrant culture while also contributing to the city’s economic success,” Hazel concludes.