The Carphone Warehouse suspended its £3m backing of the show as a result of the row and financial website moneysupermarket.com asked for its advertising to be allocated to airtime away from Celebrity Big Brother.
A moneysupermarket.com spokesman said: "We asked our agency to move our ads from the breaks because we don't want to be associated with the show. We don't want our name linked with allegations of racism."
A C4 spokesman confirmed the broadcaster had been approached by companies willing to replace The Carphone Warehouse if the telecoms firm's decision to drop its sponsorship became permanent.
The remainder of Celebrity Big Brother will run without sponsorship idents. Negotiations continue about the eighth series of Big Brother, due to start in May.
The spokesman confirmed that some advertisers had asked for their campaigns to be reallocated, but added: "We've had many more advertisers wanting to come in to Celebrity than wanted to leave."
The Channel 4 board was due to grill chief executive Andy Duncan yesterday over his handling of the scandal surrounding the treatment of Bollywood star Shilpa Shetty by housemates including Jade Goody.
Chancellor Gordon Brown has previously backed away from plans to privatise the broadcaster, but Bob Wootton, director of media and advertising at the Incorporated Society of British Advertisers, said C4 was "playing with fire".
Bernard Balderstone, associate director of media at the UK's biggest TV advertiser, Procter & Gamble, said: "Channel 4 doesn't have as clear a case for public service funding as years ago. Privatisation would force it from the halfway house situation it's got itself into."
A C4 spokesman said: "The Government's policy has been to ensure ongoing plurality of PSB provision in addition to the BBC and the Government and Ofcom have identified Channel 4 as vital to that."
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