The Chief Executive of the East of England Agricultural Society Jeremy Staples says it was "big and bold" decision to scrap the East of England Show.
The three-day event was already expected to be heavily reformed after losses in 2012 ran into "several hundred thousand pounds".
But now the show has been scrapped after running in some form for 200 years.
Mr Staples told ITV News Anglia: "The show was not proving attractive to what the public wanted in sufficient numbers to make it financially viable."
The showground in Peterborough will continue to operate and still has a calendar of events and shows scheduled over the next few months.
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