Aerosmith played at the stadium on April 24 and Fleetwood Mac was to perform on December 17.
However, Fleetwood Mac subsequently committed to United States promoter Live Nation, ruling out a Dunedin concert.
The concert cancellation activated a $50,000 cancellation fee, which Mr McManus disputed and said he would fight.
"I've been a promoter for 27 years and I've never encountered anything like this before. It's morally and professionally wrong.
"The whole experience with Dunedin and the stadium has been tarnished. I guarantee you I will never, ever bring another show to Dunedin while those people are in charge."
Forsyth Barr Stadium chief executive Darren Burden said yesterday the terms of the contract were "explicit".
"We have a contract with McManus for Aerosmith and Fleetwood Mac. It was a two-show deal," Mr Burden said.
"We were formally informed on Monday that the Fleetwood Mac concert would not be proceeding, so we therefore began working through the provisions of the contract in respect of cancellation."
"It is all in accordance with the contract. It was very explicit that it was Aerosmith and Fleetwood Mac."
Mr McManus has previously toured Fleetwood Mac twice and solo tours by Stevie Nicks and Mick Fleetwood.