Bingley Gala's future is in doubt after torrential rain left takings severely down on previous years.
Chairman Martin Hempel said this year's takings only amounted to between £300 and £400 set against a cost of around £2,000 to stage next year's gala.
He said: "The weather was not bad enough to trigger an insurance claim but its effects were felt all the same.
"As we stand we don't have enough money to put on a gala next year. We need to raise some money. At this time last year we had £1,500 in hand - this year we might have £600."
The biggest cost of staging the gala, which celebrated its 50th anniversary last year, is the main attraction - a famous escapologist or funny strongman - which can cost anything from £500 to £1500.
Mr Hempel added: "But do we want another gala? I would be interested to find out. I have not got the foggiest idea whether it is seen as a benefit to Bingley or not. Whether anyone would miss it or not I don't know.
"I am loathe to see something stop which I have been involved in for 40 years. There are not enough of us to run it and we are certainly going to have to raise money from other sources."
The gala is also under attack from Susan Hunter who lives a few doors away from the entrance to Myrtle Park in Park Avenue where the gala is held.
In a letter to the Telegraph and Argus she wrote: "I have tolerated the annual disruption, noise and mess that accompanies this annual 'good cause', believing it to be an enjoyable event. However, this year things seem to have reached an all-time low and I wonder if organisers have any idea how much destruction is left in the park."
Mr Hempel denied the accusations but said he would raise concerns with the fairground operators.
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