While Dunedin may have narrowly missed out on securing a major music festival, the man in charge of the city’s stadium says it is not the only event in its sights.

Organisers announced yesterday Hamilton had been selected as the new home of the Jim Beam Homegrown music festival – with Dunedin singled out as a close second choice.

The annual festival has been held on Wellington’s waterfront since 2008.

Homegrown Events Ltd managing director Andrew Tuck said yesterday the proposal to move the event to Dunedin ‘‘held firm and was in our final top two until the bitter end’’.

The decision came down to geography and making the music festival accessible to those who planned on travelling, he said.

But Dunedin had potential that was yet to be unlocked, and further discussions were to be held with Dunedin Venues Management Ltd (DVML) about bringing a unique and regular music event to the city.

These talks could happen within the next 12 months, Mr Tuck said.

DVML chief executive Paul Doorn said it was disappointing Hamilton ‘‘pipped us at the post’’, but was pleased with the feedback they had received from the entertainment provider.

The organisation had worked closely with the Dunedin City Council to make both the proposal and the Forsyth Barr Stadium precinct ‘‘as compelling as we possibly can’’.

‘‘I thought we really offered up a compelling argument. Obviously Hamilton’s done something similar and they’ve got the gig.’’

Mr Doorn said DVML had already identified music festivals as ‘‘a bit of a gap’’ for Dunedin and it was working with promoters to explore what a music festival similar to Homegrown could look like in the city – among other concepts.

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