British sports events are reportedly at risk of delays and cancellation due to a lack of corporate sponsorship deals.

According to The Telegraph, a number of events have already suffered as one in five firms have seen a reduction in sponsorship budgets due to the current economic downturn.

The newspaper quoted Richard Gillis of SportBusiness, who said: "Sponsorship budgets are the first thing to go in a downturn. These events are going to have to start lowering their expectations on price or generate more compelling business opportunities for companies."

Events under threat include the World Snooker Championships, after the online betting company, 888.com, cancelled its sponsorship, as well as the Queen's tennis tournament after it was announced in March that Stella Artois would not be continuing it's 30-year involvement with the event.

Roger Draper, chief executive of the Lawn Tennis Association, said at the time: "We are looking to market the sport as a complete package, rather than a series of individual events. Once we explained this new approach, ourselves and InBev (which owns the Stella Artois brand) both agreed that now is an appropriate time for change."

Mobile phone company Vodafone also withdrew its 13-year sponsorship of the Epsom Derby in 2007, although the company did sponsor the 2008 event after a request from the racecourse.

"Following an approach from the racecourse, we are stepping in this year to support the Derby during this transition phase, whilst the racecourse focuses on securing a long term title sponsor," said Vodafone's group corporate affairs director, Simon Lewis, earlier this year.