London, December 1 : Britain’s Glastonbury Festival of Contemporary Performing Arts is far from losing its licence, according to Glastonbury founder Michael Eavis.

Glastonbury, amongst the largest music and performing arts festivals in the world, had been declined to have a license in 2002 following crime concerns from surrounding villages.

However, the decision had been later tipped over and Mendip District Council had agreed to a four-year licence ensuring the event''s future run until 2010.

Eavis, ‘father of the festival’ in Somerset since 1970, said that the festival, best known for its contemporary music, had become crucial to the local economy.

"The local economy gets 100m pounds a year. So there''s no discussion about not allowing the festival a licence any more. They won''t stop it now," BBC quoted him as telling Radio 4''s Desert Island Discs.

"They''re all on board now because everybody earns some money from it," he added.

The festival pulls 137,500 visitors per year with top names such as Jay-Z, Coldplay and Sir Paul McCartney having made the headlines. (ANI)