Cape Girardeau's Riverfest celebration is still on hold.

Organizers put off any decision on possibly canceling the event until Wednesday night.

Riverfest organizers said Friday that unless more financial backing was found, the event would be canceled. Nearly $20,000 is needed to make sure the event can continue.

The board was supposed to make its decision Sunday night but chose to delay it.

Riverfest has never been canceled since it started 20 years ago, although rising waters have often closed the floodgates downtown so that no one actually saw the Mississippi River, which is the basis of the celebration.

Riverfest was designed to recall the region's history with the Mississippi River and how it has shaped the area. This year's theme is "Then and Now."

But if the money doesn't come in, there is no other option but to cancel, said Phyllis Lipscomb, president of the Riverfest Association.

T-shirts have been printed and ordered and performers and a carnival have been reserved and booked, but if the money isn't available no one gets paid, she said.

"At this point, we are locked in, so it's do or die."

Riverfest is set for June 11-12 along Cape Girardeau's riverfront.

Lipscomb said the board decided to wait until Wednesday to make its final decision so that businesses could have time to consider sponsoring the event.

"Since word didn't get out until the weekend, we didn't think they'd had a fair shot for the support to come in," she said.

The amount of financial sponsors needed for the event varies according to sponsor packages. It can range from $5,000 to $50.

"I can't give an exact number, but dollarwise we need about $20,000," she said. "Maybe there's one shining knight out there."

Cutting back on entertainment and activities was an option, but the event has already been scaled back from previous years.

"It wouldn't be an event that we'd want to produce," if any more was eliminated, Lipscomb said.

The board has talked about other ways to hold Riverfest for next year, like moving the dates or joining with another weekend event, but with contracts already signed there wasn't another option this year.

If the event is canceled, the Riverfest Association will lose some money, Lipscomb said, though she didn't give any amounts.

Typically, Riverfest costs between $75,000 and $80,000 to produce. But this year's festival expense has already been cut to $55,000.

Last year Riverfest changed from a single stage act on Saturday night to several roaming acts and music stages throughout the downtown area.

For information or to sponsor an event, call the Riverfest office at 335-1388 and leave a message.