Derby City Council leaders have agreed to take ownership of the "extremely vulnerable" structure.
A bridge in Derby is due to stay closed for a further 12 months because of safety concerns.
The council says they are frustrated for businesses but public safety "must come first".
The bridge was closed after the city council identified erosion to the River Derwent's riverbank.
Derby City Council says the crossing has been shut due to erosion to the River Derwent riverbank.
Hundreds of drivers have been fined for using the gate during restricted times.
Residents have branded the restriction unfair as no scheduled buses use the gate.
Derby City Council leader Nadine Peatfield says the event will return "bigger and better" next year.
About 6,000 tickets were sold for the Darley Park Weekender compared to the 11,000 sold in 2024.
