MEMPHIS, Tenn.– Memphis in May, the city’s biggest festival, wants to return to Tom Lee Park as soon as possible after losing money when the event was held at Liberty Park, but those plans could be dashed.

In front of a packed house Thursday night James Holt, President of Memphis in May, announced that the international festival could be a Memphis in Maybe.

“We were presented with a required damage deposit of $1.4 million to use Tom Lee Park,” Holt said.

Holt said moving the festival back to the river is priceless after the switch to Liberty Park this year caused an economic hit of $72 million for the non-profit.

But a million dollar deposit just isn’t in the budget when it is typically under $60,000.

“We kind of reached a wall of resistance with River Parks,” he said.

Carol Coletta, the President of Memphis Parks, said there is no resistance.

Coletta said recent negotiations have knocked that number down to less than $400,000. That deposit would secure the festival at the park and keep the incomplete park on track for completion for a summer 2023 grand opening.

“Our plan is for Memphis in May to happen in Tom Lee Park,” she said. “I was surprised to hear that number tonight.”

With fears of a smaller festival with no blue tents, many worried about what the river will look like next May. Coletta said there is no worry.

“The park is still 31 acres. It’s not a smaller park,” Coletta said.

Now Holt is calling on Mayor Strickland to get to the bottom of it so Memphians can enjoy the annual festival everyone knows and loves.

“We need to go to the mayor. We have to go to the mayor if we want to have a festival next year,” he said.

There is no clear date on when the BBQ festival will be or the Beale Street Music festival. Holt said they also haven’t been able to secure artists which is why Memphis in May remains a maybe.