Claims and counter-claims about goings-on at the Benicássim International Music Festival (FIB) have been circulating on the internet for several days.
Thousands of music lovers travel each year to the resort near the port city of Valencia for the event which was voted 'Best Overseas Festival' at the 2012 UK Festival Awards.
This year's Benicássim is set to take place between July 18th and the 21st, with a line-up featuring a host of big-name stars.
But cancellation rumours sent waves of panic around social media as visitors feared their trips could be in jeopardy.
Alleged problems with event planning and news that majority shareholder Vince Power was looking to sell out only fuelled the online gossip, leading organizers to issue a statement on the festival's official Facebook page on Wednesday.
"Denis Desmond and SJM Concerts have jointly acquired a major shareholding in Maraworld SA, parent company of Festival Internacional de Benicàssim (FIB)," the statement read.
"Vince Power remains a shareholder in Maraworld SA. He will continue in charge as Managing Director until August 2013.
"FIB is in no way affected by the acquisition and this year's festival will go ahead as planned 18–21 July 2013."
Vince Power commented: “The difficult economic climate coupled with the bad year suffered by Music Festivals PLC has prompted my decision to sell a major shareholding in Benicàssim festival."
"I am pleased that two of Europe's best known Festival Promoters are now taking part," said Power in the statement.
"FIB is one of the world's most established and best-loved live music events and I wanted to ensure the future of the festival for many years to come."
This year's festival headliners include The Killers, Queens of the Stone Age and Arctic Monkeys.
Other major acts taking part number Primal Scream, the Kaiser Chiefs and Dizzee Rascal.