Ledbury's annual town bonfire is less than a week away from being cancelled unless £1,000 can be found through sponsorship to meet basic costs.
Organisers Ledbury Round Table are facing a fireworks bill alone of £2,000, but only have just over £400 in the bank.
Members blame a sluggish response from local businesses for the crisis.
Round Table chairman Peter Schmidt said: "With just £400 in the kitty, if we had bad weather and a poor turnout it would bankrupt the club. Our members are not prepared to personally underwrite this."
The club sent out 300 letters in March to local businesses. In previous years more than £1,500 has been contributed.
Mr Schmidt said: "When you consider the size of Ledbury and all the businesses we've got, it's a pretty poor show."
The club will hold a business meeting on Thursday, when the decision could be made to bring the 30-year-old tradition to an end.
Mr Schmidt said he recognised that if the bonfire was cancelled this year, it might be difficult to resurrect it. The club says the main reason for the event is to provide a safe, organised fireworks display and to give charitable money back to the community.
Mayor Keith Francis said: "It would be a great pity if it was cancelled."
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