Vince Power's firm was alleged to owe Peter Gabriel £100,000 and Suede £46,000 for their performances at Hop Farm last year. Sir Bruce Forsyth, Damien Rice, Billy Ocean, Primal Scream and Richard Ashcroft were also said to be owed money.
Power has said that he is in ongoing discussions with the artists and suppliers of Hop Farm, and cleared up suggestions that the festival collapsed owing £4.8 million in total.
"The Hop Farm will happen this year, this is one blip in my career spanning over 30 years. All suppliers and artists are working with me and many of the suppliers have been with me for many years, through the Reading, Phoenix and Homelands days," Power said.
"They are being very supportive. I spent and paid artists alone approximately £350 million over the years. The losses reported are inaccurate. The Hop Farm never lost £4.8 million. These losses included a group of companies in Kent Festival Ltd.
"I have no doubt that this year's Hop Farm will be successful along with FIB Benicassim in Spain. This is a cheap piece of journalism from Kent on Sunday. It's a public company so all the info is public knowledge.
"The local rag is supposed to be for the community. The Hop Farm Festival is loved by the people of Kent and there is no value in spreading inaccurate reports and doubt with regards to The Hop Farm Music Festival.
"In the words of Winston Churchill... 'Success is not final, failure is not fatal: it is the courage to continue that counts'."