Summerfest was due to he staged in Sandall Park on August 6, headlined by 90s Liverpool guitar favourites Cast - but the event has been axed "on commercial grounds."
A statement by the organisers said: “It is with great regret the organisers announce cancellation of this event and wish to thank bands, audience, suppliers and other patrons for their efforts and support.
"The decision has been made purely on commercial grounds as a live event of this nature is a significant commitment.
"The organisers also note their disappointment to see the announcement of two other festivals in the Doncaster area on the same day despite Summerfest being announced in October 2015. Doncaster has a vibrant music scene but can ill afford that pressure on audiences.
"The loss to the market unfortunately is to be able to present multi album selling artists."
Ticket holders with tickets purchased direct from the organisers have been automatically recredited and any queries can be directed to Luke Stevens on [email protected]
The statement added: "We wish the live original music and the great people of Doncaster well and apologise again for any disappointment and the loss to the three charities the event was intent on supporting.”
A spokesman for Friends of Sandall Park said: "This is a huge disappointment for the Friends of Sandall Park as we are continually trying to attract new entertainment to the park."
Britpop favourites Cast, who scored ten top 20 hits and three top ten albums at the height of their fame including classic songs such as Walkaway, Flying, Guiding Star and Live The Dream, were due to top the bill.
The rock and acoustic festival had promised music on two stages with the festivities going on for an incredible 14 hours.