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For the past five years, 73-year old Bill Morice has voluntarily organised the New Year's Day event but due to family health reasons, he is stepping down from the role and has been unable to find a successor.
The event was started by the Smith and Hazlett families in 1998 and now attracts crowds of about 1000 locals, holiday-makers and day-trippers.
Activities during the afternoon event include egg and spoon races, sack races, lolly scrambles, market stalls and a water slide created by the Naseby Volunteer Fire Brigade.
Mr Morice took over from previous organiser John Scott but now cannot find someone to take on the role. Community organisation Naseby Vision had canvassed its approximately 400 members and had also came up empty-handed, organisation chairman John Crawford said.
If no-one takes on the role, the event will have to be cancelled.
Mr Crawford will not be in town for the event, nor will any of the organisation's committee members.
Many others volunteer to help on the day but the event needs someone to oversee everything, both men said.
Mr Morice said his duties included picking up lollies and soft drinks, making sure the candy floss machine turned up and was running, and getting equipment such as the sacks, eggs and spoons, to the town domain on the day.
''It would be disappointing to see the event fold and I think a lot of kids would be disappointed to see it fold but I've made a decision ... that I'm looking after number one.''
He said he would be happy to help his successor plan the 2014 event and had prepared a manual.
Mr Crawford said a new organiser would not necessarily have to be someone who lived in Naseby or the surrounding area and could be a holiday-maker.