Bulgarian broadcaster BNT has just released a statement, confirming that they will not be entering the 2014 Eurovision Song Contest in Copenhagen.

The statement reads:

Bulgarian National Television will not take part in Eurovision Song Contest 2014 . Motivated by the desire to promote Bulgarian music and Bulgarian artists, BNT has send participants to the prestigious competition for 9 years. In order to participate, BNT is obliged to pay a licence fee , which has gone up by a 100 percent this year, compared to 2005 – the first year of participation. BNT also has additional expenses for the national selection of participants and the presentation of the Bulgarian song to the European public, as well as for all services and special effects during the show.
Given the cost of this project and pending budget cuts next year, BNT decided to withdraw from Eurovision Song Contest as a first step in the financial constraints the television will have to take.