Launceston's Carols by Candlelight might not go ahead for the second year in a row unless a new organiser takes the reins.
It comes after Tamar Sunrise Rotary made the decision to step away from coordinating the iconic fundraiser after eight years at the helm.
Carols chairman Danny Gibson said the event still had a strong future in new hands given that it was one of the most popular community events on Launceston's calendar.
He said the rotary club was ready to provide any assistance to a new organising group.
"It has been a really difficult decision for our club because organising Carols by Candlelight has been such a rewarding experience," he said.
"However, it feels like the time is right for us to make the opportunity available to another community group or organisation to run it given we are unable to stage the 2021 event.
"We think we demonstrated that we have a successful event model, willing corporate and public sponsors, and widespread community support, so our hope is that a new group will step forward to deliver future Carols events for Launceston."
Tamar Sunrise Rotary club president Eve Gibbons said the annual Christmas event had raised more than $100,000 for The Examiner's Empty Stocking Appeal.
"(It is) funds that have made an enormous difference to Northern Tasmanian charities," she said.
"The club now invites other Launceston community groups and organisations to consider taking the successful event on in future years, as we look to other projects and areas of focus."