This year's Picture Editors' Awards are a step closer to going ahead, after organisers secured five new sponsors for the contest.

But its future is still in doubt, with chairman Glyn Genin saying that more support is needed before entries can be accepted.

In January it had been announced that organisers had been forced to cancel the event due to a lack of funding.

This prompted an outcry from many working in the industry and a rescheduled date was pencilled in for May after a number of companies offered help.

Among those were sports photo agency Action Images, Olympus, B+W, Lowepro and Manfrotto, which have now agreed to join the City of London, Fujifilm and Getty Images in sponsoring the event.

Glyn said: "We are working with our sponsors to make the awards possible this year, and remain hopeful that the awards ceremony can be held at the end of May.

"However, we still have a shortfall in financial support, and this must be resolved before we can call for entries.

"We would therefore welcome any approaches from companies who may be able to assist in raising the final funding."

Should the event go ahead, photographs taken between January 1 2006 and March 31 2007 will be accepted for entry.

Pro-web.co.uk, which has provided entry, web and administrative support to the awards for seven years, has offered to process all the entries from photographers for free this year.

For more information go to www.pictureawards.net

This year's event had originally been due to be held on March 26.