So far there are only 13 entries to the madcap competition but there needs to be a minimum of 20 if the event is to go ahead.
The event, which was resurrected in 2015 after a gap of 65 years, takes place in the town on Sunday, August 20.
Closing date for entries should be tomorrow (Wednesday) with scrutineering taking place on Thursday night at 7pm.
But Ian Davison, chairman of Peel Town Commissioners and lead member for recreation, said the very latest cut-off for entries would be Friday.
He said: ’Peel soapbox derby on August 20 is short on entries for this year’s racing and the event is risking being cancelled if more entries are not forthcoming.
’The last two years have seen lots of entries for the event. We are asking anyone who intends to enter to get entries in ASAP.’
Mr Davison added: ’Until last week we only had seven entries but now we’ve got 13. But we need 20.
’If we don’t get 20 entries we won’t run it. And if we don’t get the entries, Ramsey’s event is going to be in jeopardy too as theirs is only one week later.
’I think the problem is that people leave it to the last minute before they decide to enter.’
This year’s soapbox derby, which is scheduled to start at 2pm, will feature a brand new course.
This will see a fast downhill race from Cubbon’s Close, with jumps and chicanes, to the bottom of Stanley Road.
There are entries for sole and team racing and there are some great prizes to be won, with lots of money to be raised for charity.
And there’s free spectating for thousands along the course.
The event is organised in association with Peel Town Commissions and this year is sponsored by Peter Dawson Tyres, Energy FM, Peel Fisheries and Davisons Ice Cream.
Application forms and further information are available from www.peelsoapboxderby.com or by contacting Ian Davison on 496121.