THE future of one of Burnley's biggest events could be up in the air because organisers are struggling to find enough cash to fund it.

More than 30,000 people visited Burnley Balloon Festival last year, making it one of the most successful events held in the town, but a lack of sponsorship means it could come down to earth with a bump.

Funds are in place for this year's event, which is not under threat, but unless a sponsor is found for next year by Christmas it faces the axe.

Council leader Stuart Caddy has now called for a meeting to find ways to save the event.

Organiser, Initiative Burnley, has funded the festival since its launch in 2002 with an agreement that another sponsor would take over after three years.

However, the search for a successor has been unsuccessful.

The festival, which has grown to become the largest event of its kind in the North West, costs around £50,000 to put on with about £32,000 recouped through sponsorship, parking charges and traders' fees.

Initiative Burnley, a non-profit partnership of private and public sector groups and volunteers set up to bring in regeneration funding for Burnley, has met the shortfall each year.

Paul Howard, development and promotions manager, said: "We really need a big name sponsor to come on board, ideally for the next three years, but because the event is relatively new it has been quite difficult.

"We need to know what is happening by Christmas otherwise there is the potential the event will not happen next year."

Council leader Stuart Caddy said: "I will certainly try and set up a meeting with Initiative Burnley to see what we can do about the funding. We want to see the continuation of the balloon festival."

Preparations for this year's festival, which takes place at Towneley Park on July 24 and 25, are well under way, with added attractions including the Utterly Butterly Wingwalking team.

Regular features like the fun fair and the spectacular night-glow will return.