Kingston Rodeo organisers posted a statement announcing the cancellation of the 2020 event on its Facebook page on Wednesday afternoon citing a lack of 'resources' and 'finances'.

Rodeo organiser and Kingston local Brandon May told The Courier more sponsorship was needed to make up for the shortfall in profits from the January 2019 event.

"Everything has gone up in price so it is making it hard for the event to make enough profit to run it the following year," he said.

The Kingston Rodeo had attracted around 3000 people to the Kingston Showgrounds for each event during the past three years.

See our full gallery of photos from the Kingston Rodeo 2018 event below.

Mr May, a farmer who was born and raised in Kingston, organised the first rodeo event in 2017 in an effort to bring a big event to his small town.

"I got bored and thought we needed something out this side of Ballarat. I come from a horsing background, so I decided to give it a crack," he said.

"It is something the town can go 'wow' at. All the farmers come and catch up. It is an all around good catch up for people to see each other and a good social event for everyone. Kingston doesn't have anything like that anymore.

"We are just a little town off the highway and the rodeo put it on the map. The town loves it and visitors love it."

READ MORE: Kingston Rodeo draws thousands to historic showgrounds

Mr May said more sponsorship to fill the current $10,000 shortfall could help get the 2020 event up and running.

He said he would work to make sure the rodeo would run in 2021.

"I don't want to see it not go ahead again. It is a fun event... everyone is disappointed in the decision made," he said.

See the full statement from Kingston Rodeo organisers below.

The Kingston Rodeo is one of the only major events held at the picturesque Kingston Showgrounds, along with the historic Kingston Show.

READ MORE: Kingston Rodeo breathes new life into historic showgrounds

The Kingston Agricultural Society has owned the showgrounds since the group's inception in 1858.

Since then, volunteers have maintained the four hectare area and buildings, including a heritage-listed grandstand, to ensure community use of the facilities can continue.

"Having these couple of events throughout the year to keep it going is great, because the last thing we want to see is losing the showgrounds," Mr May said.

"The rodeo gives extra support for them (Kingston Agricultural Society) and keeps the grounds in use.

"I don't think I have ever been to a rodeo like that on those grounds - there is something special about it."

Mr May said he was thankful to everyone who has supported the rodeo in the past, including volunteers, the Kingston Agricultural Society, community groups, service providers and members of the rodeo community.

"The support so far has been great, without that it wouldn't have run at all," he said.

Some profit from this year's event was donated to the Kingston CFA and Surviviors of Suicide.

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