PORTLAND – The Maine Festival will cease to exist unless someone steps forward to run the annual showcase for the state’s artists and performers.

The festival’s organizer, Maine Arts Inc., is closing because of mounting debt. Board members expressed hope that someone else will emerge to take over the 26-year-old festival.

“This is awful, this is right out of left field,” said Kendall Morse of South Portland, a storyteller who played the first Maine Festival in 1976. “I’m hoping somebody will step up to keep it going.”

The festival’s focus has changed over the years. After starting out as a Maine-focused event, organizers began booking more out-of-state acts.

Recently, the festival began concentrating on Maine much more.

The event usually is held in August at Thomas Point Beach in Brunswick. It features 100 or more artists and performers from the state, and often draws upward of 30,000 people.

But projected ticket revenue was down by about $20,000 at this year’s three-day festival, and corporate support and grants were also down, according to Steve Bither, president of the Maine Arts board.

Bither said board members looked for more financial support and considered making the festival smaller.

“We surveyed the arts community to see what the level of support was. People were disappointed and said, ‘How could you?’ but nobody came forward with a check,” he said.

Some cost-cutting measures may have cost the nonprofit organization financial support and public visibility.

The group also ran the New Year’s Portland celebration until this year and ran the Congress Square Events series in the city for several years before dropping it.

“New Year’s Portland had provided some revenue, as a way to float the debt from one event to another,” said Patty Sample, a board member and past board president. “So when that was dropped, we hit a wall. We have no endowment, and we’re totally reliant on ticket sales for weather-dependent events. Sometimes a nonprofit organization just runs out of gas.”