“We have been approached by a number of leading picture agencies, newspaper groups, and photographic companies, who may be able to offer financial support.” said Genin on the awards’ website

While EPUK understands that the exact terms of the sponsorship have not yet been agreed, in a statement Genin said he was “cautiously optimistic that there will be a positive outcome”.

The flagship awards, established by picture editors in 1993, involves judging in multiple stages by picture editors from across the UK, and the awards ceremony in the Guildhall is seen as one of the major media events of the year.

Last years’ top award was scooped by Bryan O’Brien of The Irish Times, with Ed Godden of Reading Chronicle picking up the Local Newspaper Photographer gong, and freelance Ben Stansall being awarded Young Photographer of the Year.

The Awards were sponsored last year by Fujifilm, the City of London, Getty Images, BG Group and Diageo.