HESSLE Road's pram race is in jeopardy this year due to a lack of funding.
The traditional event was resurrected two years ago after a 17-year absence and proved a huge success.
But, so far, the event organisers have fallen short of the �10,000 needed to stage it.
The main expense is the electrics needed for the speakers along the route, along with barriers, stewards and staging.
Race organiser Kim Hepple said: "This has been a great tradition and we were delighted to bring it back.
"But with all the health and safety measures needed, it costs us �10,000 to put on.
"We need barriers, speakers, stewards and stages, which all cost money.
"We may shorten the route which will save a couple of thousand pounds."
Mrs Hepple is now calling for more traders and residents to get involved.
She said: "We have already been turned down for some funding streams but we still have some options open.
"But even if shops can donate a small amount it would help.
"The last two years have been a real boost for the area and it would be a shame if that disappears this year.
"A number of charities and organisations have benefited from the money raised.
"People of all ages come and enjoy the day and it has great links with the fishing industry."
Ms Hepple insists there will still an event of some kind even if the race does not go ahead.
She said: "We will still have a carnival at Massey Playing Fields, even if there is no race.
"We could even have a small track at the playing fields, but it won't be quite the same.
"We need something like this more than ever to raise money when so many organisations are facing cuts in funding."
The pram race will take place on July 16 if it goes ahead, having moved from September to attract more school children.
The committee is set to meet this evening to discuss ways to fund the event.
Last year 20 teams, consisting of 80 people, took part in the race while around 3,000 people lined the streets to cheer on competitors.
Most contestants dress in costumes, such as super heroes and cartoon characters, which match the theme of their pram.
Members of the crowd even sported old-fashioned clothes to get into the spirit. Races are held up and down the road and the winners then take part in a final race from Yorkshire Bank to Carl Hammond Furniture Shop.
There is a parade before the race which, last year, included Trinity Steel Band, Hull Samba Band, the Boulevard Girls Brigade Marching Band and the Starlight Redz Cheerleaders.
There is also a fairground and entertainment at the nearby Massey playing fields.
In 2009, organisers raised about �25,000, but the figure was slightly less last year.
The main benefactor was the youth centre being developed at St John's Church in St Georges Road.
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