The Burning the Clocks parade through Brighton has been axed due to a shortage of cash.

The lantern parade usually attracts 10,000 visitors to Brighton but had to be cancelled after no sponsor could be found.

The Same Sky community arts group, which launched the event in 1994, had hoped Brighton and Hove City Council could find the £18,000 needed for this year's parade.

After months of negotiations, the council offered one third of the money but was unable to meet the total cost.

Same Sky general manager Iain Cartwright said: "In the past, we've received sponsorship from the South East Co-op and the Millennium Commission and we have had on-going discussions with the council regarding this year.

"While able to provide limited support, the council was not able to provide enough for the Burning the Clocks to go ahead.

"We're saddened as it's such a popular and successful event but we have exhausted most avenues looking for another sponsor.

"It's sad the council couldn't support it but it's their ultimate decision."

The Burning the Clocks celebration is usually held on the winter solstice in December and marks the passing of one year to the next.

About 1,000 performers carry 600 giant, illuminated clock lanterns in a procession through the Old Steine to Brighton seafront.

Thousands of people gather as the clocks are placed on a spectacular bonfire.

A spokesman for the council said it had done its best to help with the cost of the parade.

He said: "We obviously regret that the event isn't happening. It's an event founded on private sponsorship and it's not possible for the council to step in and replace the sponsor.

"We have already announced that we are heading for an overspend this year. Under those circumstances, we simply can't find the money - much as we might like to.

"We hope the parade will return in future years if a new sponsor can be found."

However, Mr Cartwright said the event was unlikely to return next year.

He said: "It would be difficult to bring it back as it is a local annual tradition. If we miss one year, then it's hard to bring it back.

"We will hopefully be doing something next year to replace it but it won't be Burning the Clocks."