Sydney Mardi Gras holding out for a hero

Mardi Gras, now is its 25th year, is a highlight of the Sydney gay calendar

SYDNEY, Australia -- Organizers of Sydney's gay and lesbian Mardi Gras said Thursday they have just 24 hours to obtain a veritable queen's ransom to save the event from bankruptcy.

The announcement came after a private backer pulled out of a deal to cover the annual parade's mounting debts.

Mardi Gras head Julie Regan said the organization had to urgently raise at least A$200,000 ($109,000) by Friday or face voluntary administration.

"The short timeframe is limiting. We were advised of this on Tuesday afternoon," she said. "We are working against the clock."

The internationally renowned parade famous for its outrageous costumes -- and sometimes infamous for the lack of them -- is billed as the biggest gay pride event in the southern hemisphere.

In recent years over half a million spectators have lined the parade route, including tens of thousands of visitors from overseas who pump large quantities of tourist cash into the Sydney economy.

The annual parade draws thousands of visitors to Sydney

Organizers say each parade and associated events costs about A$450,000 dollars a year to stage.

For years the costs have generally been covered by the proceeds from two parties -- the Sleaze Ball held in September and a second party held following the Mardi Gras parade.

However, in the wake of the global travel slump following September 11 figures were well down for this year's event held in March.

Lack of sponsors has added to the burden as has the rising cost of liability insurance.

As time runs out to find a rescuer Regan said Mardi Gras organizers would approach several private benefactors and the government in a bid to raise funds.