Sir Richard Branson has revealed he will no longer be sponsoring V Festival.

The 67-year-old businessman has backed the annual summer festival for 22 years, but the star has revealed Virgin have pulled out and will no longer be backing the music extravaganza, although he has been ''proud'' to support the show for so long.

Speaking in a statement, he said: '' V Festival has always been a special weekend for everyone at Virgin.

''We've been proud to sponsor V Festival for the past two decades and there have been some incredible performances on the stage.

''Now, after 22 very enjoyable and successful years, 2017 was Virgin's last V Festival.''

And Richard has some fond memories that he will cherish ''forever''.

He added: ''Being part of V Festival has been an honour and there are some amazing moments that will stay with me forever - including introducing Paul Weller and welcoming V2 Records' first signing The Stereophonics to a massive audience.

''Working on V Festival has been a brilliant journey filled with great people, fun times and exceptional music.

''I have so many memories to cherish - from the mind-blowing performances to spending quality time at the festival with both Holly and Sam, who it's no surprise are both music lovers after spending so much time dancing at V.

''We're really excited about the future ahead and can't wait to share our plans with music lovers across the globe.''

However, this does not mean V Festival will never return, as it will make a comeback next summer but will be supported by Festival Republic promoter Melvin Benn.

And the event will still be held at the same two sites Chelmsford and Staffordshire.