Future government funding for the air display in Jersey will be determined on whether it is value for money and meets other criteria.
The Government is calling this a "reset" of how it allocates money for these type of events.
It says "experienced" organisers are now invited to apply for funding, as long as they have considered six new criteria.
Safety: How this can be ensured both in the air and on the ground.
Strategic partnerships: How stakeholder relationships will be managed.
Narrative: How life in Jersey, and its history, can be reflected in the event.
Economic impact: How it will support the local economy, particularly the tourism and hospitality industries.
Environmental impact: How it will mitigate its environmental impact.
Inclusion: How it will attract and retain visitors.
The deadline to apply will be in April - but there is money available for both 2023 and 2024.
Minister for Economic Development, Tourism, Sport and Culture, Deputy Kirsten Morel, says the new funding model is to ensure the government gets "value for money for island taxpayers.
“We are not tied to one event format, and we would welcome proposals that are imaginative and innovative.
"It may be that the current organisers apply and are successful, but if we don’t look at what possibilities are available then we won’t know."
Debates have been ongoing for years around funding and sponsorship for air displays on the island.
Last September, Jersey International Air Display was scaled back due to a steep rise in fuel prices and a lack of funding.
There was also no food stalls, and spectators were encouraged to bring a picnic.
The first display took place in 1952 and has been a constant figure in Jersey's calendar ever since.
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