The statement said the previous WoolOn co-chairwomen, Leonie Williamson and Karla Sanders, both stepped down from their roles at the AGM on November 6.
With no current committee members willing to fill the chairperson role, the meeting was adjourned to November 19.
Mr Cadogan said the previous chairwomen had done "a momentous job" and a professional event manager would be employed for the next event.
But without people being willing to step into the roles of chairperson and secretary, WoolOn "is in jeopardy", he said.
Another hurdle to be overcome and discussed at the November 19 meeting would be a venue, as the venue for the last two WoolOn events was no longer available, Mr Cadogan said.
"WoolOn is in great heart, has a healthy bank balance and more contestants and sponsors than ever, but it is time for new blood to come forward to head the governance group into the 2019 event."
