The future of the Stawell Gift has been secured, with the state government pledging $1.22 million over four years to support the iconic footrace.
As part of the funding package, a new Committee of Management will be formed, consisting of members of the Stawell Athletic Club, state government representatives, the Northern Grampians Shire Council, the Victorian Athletic League and independent experts.
A transitional model will oversee the running of the 2020 Stawell Gift.
Minister for Sport, Tourism and Major Events Martin Pakula thanked the community and the Stawell Athletic Club for their constructive approach to sometimes difficult discussions.
"The Stawell Gift is more than a footrace, it's part of the sporting folklore of this state. We're delighted to be able to bring all the important players together to ensure that the event is secured, and along with it, the jobs and investment supported by it," he said.
The Northern Grampians Shire Council will commit $150,000 and annual support to ensure Central Park is able to cater for the Gift's crowds.
"We are thrilled that the Stawell Athletics Club has made the decision to accept this generous offer from the Victorian Government to secure the future of the Gift," Northern Grampians Shire Council mayor Cr Murray Emerson said.
The future of Australia's richest footrace was thrown into doubt in December, when it was reported the Stawell Athletic Club had rejected funding from the state government.
The government offered $280,000 to support the 2020 Stawell Gift, granted the Stawell Athletic Club adopt a new recommended operating model and make significant changes to commercial, governance and non-racing elements of the event.
At the time, Stawell Athletic Club president Neil Blizzard told Australian Community Media the club held concerns over proposals in the funding offer and went back with "mark-ups...that were knocked on the head by the government."
"It was just about getting things right about the longevity, the number of years that it was going to be involved, the structure of where they (state government) were headed and the make-up of what they wanted the Stawell Athletic Club to do," Mr Blizzard said in December.
Prizemoney for the Gift will be maintained at $40,000 for both the men's and women's events, which has seen Channel Seven confirm its broadcast agreement for the next three years.
Mr Blizzard said the Stawell Athletic Club was preparing for the running of this year's event.
"We look forward to welcoming the thousands of participants and spectators to Stawell this Easter for the 139th running of the Stawell Gift," he said.
Tickets for the 2020 Stawell Gift went on sale in early February.