Ponferrada will keep the 2014 UCI Road World Championships after the regional council stepped in to guarantee funding by the mid-October deadline imposed by cycling's governing body, Diario de León reports.
The UCI had threatened to withdraw its support for the Spanish city unless contractual agreements were met, however the Castilla y León local government has added its endorsement and by October 31 will have paid one million euros and guaranteed the remaining four.
Ponferrada mayor, Carlos Lopez Riesco said he hoped that today's announcement would bring an end to any doubts over the city holding the championships saying that the enormity of the event "transcends the sport, as it is an opportunity for economic development" and will be "the best showcase for our business, for our tourist industry or for our food industry to open new markets."
The event's board will also add another 800,000 euros to the event, split over the next two years. The State has declared the 2014 world championships as an event of "exceptional public interest" their own investment will be leveraged with private sponsorships.