The new organisers of the capital’s summer gay pride event have warned that unless they can secure enough funding and logistical help from volunteers – it may be axed for this year.

Last month, London LGBT+ Community Pride was awarded the right to run the festival for the next five years – in a grant worth over £650,000 – for the full duration.

Last October, London Mayor Boris Johnson invited non-profit community based groups to submit bids to run the event – in the wake of July’s financial failure of World Pride.

World Pride had to be heavily scaled back after the organisers, Pride London, were forced to admit to a cash crisis just days before it was due to take place.

Pride London’s chair Dr Patrick Williams resigned as a result of the fiasco in the same month.

On Tuesday, Chairman of London LGBT+ Community Pride, Michael Salter said: “With such a short lead time this year we need the community and its supporters to really get behind Pride – to show the spirit that we saw last year when record numbers of people took part in the parade in reaction to the threat to Pride’s survival.”

He continued: “Although we are confident in our planning it is true that if we are unable to secure the funding and volunteers that we need to deliver a safe Pride – one that showcases the best of our community – we may have to cancel the event for 2013.

“Many people don’t appreciate the scale of Pride; it is the third biggest annual event in London, it is the only parade that closes Oxford Street, Regent Street and Shaftesbury Avenue as 40,000 people march and nearly a million people pass through the footprint of the event.

“Organising something on that scale doesn’t come cheaply and depends on volunteers. So we are calling on potential sponsors and donors and on willing volunteers to step forward and work with us to make London and our community proud.”

The GLA are providing up to £150,000 to support this year’s event but at least a further £280,000 is needed to put on the show

The theme for Pride in London in 2013 has been announced as “Love (and Marriage)” to reflect the expected passage of equal marriage legislation this summer.

London LGBT+ Community Pride will be revealing more details of its plans for the Pride in London Festival in 2013 at an open meeting on Tuesday 19 February at Heaven in Villiers Street (from 7pm).

More than 200 people from across the LGBT community have already indicated they will attend.