The Olney race supposedly began in 1445, and they've been competing with Liberal since 1950. The rules:
For the short race, those competing must be women of 18 or over and have lived in the town of Olney for at least three months immediately prior to the event. For the race they must wear the traditional costume of the housewife, including a skirt and apron and head covering, though they need not be married. The Starter orders competitors, 'Toss your pancakes, Are you ready?' and gives the start signal. At the finish the winner is required to toss her pancake before being declared winner and being greeted with the kiss of Peace with the words, 'The Peace of the Lord be always with you' spoken by the Vicar, and the traditional prize of a kiss from the Verger.
This from the blog of Geoff Colmer, who was today's guest preacher at the Shriving Service in the local parish church in Olney.