Busted joined performers at 2004's Party in the Park concert

The Capital Radio summer concerts in Hyde Park have raised money for the Prince's Trust charity since 1998, with acts such as Westlife and McFly.

"We have had a great eight years with Party in the Park but it is time to move on," a Capital spokeswoman said.

However, the Prince's Trust said it aimed to run Party in the Park in 2007.

'Other events'

The Capital Radio spokeswoman said it would not organise Party in the Park this year "because Capital relaunched this year and we are looking at other events to do this summer".

Surveys indicated that listeners wanted a new event, she added.

Prince's Trust chief executive Martina Milburn said this year the charity would hold a Tower of London concert to mark its 30th anniversary in May.

"Party in the Park sold out every year and raised millions of pounds to help change young lives," Ms Milburn added.

The first Party in Park featured performers such as All Saints and Boyzone playing in front of 100,000 music fans. The most recent concert in 2004 featured Busted, Will Young and Avril Lavigne among others.

Party in the Park had been due to take place last July but it was scrapped when the date coincided with Bob Geldof's Live 8 concerts.