The committee will comprise the Stawell Athletic Club committee, Sport and Recreation Victoria representatives, Northern Grampians Shire Council representatives and the Victorian Athletic League.

Stawell Athletic Club on Thursday announced the Easter Gift Carnival had been cancelled for this year.

One of Australia's most iconic sporting events, the three-day event was postponed in March owing to the impact of COVID-19.

360 Sport and Entertainment managing director Trent Taylor said the new committee would bring together four key stakeholders.

He said once the committee was confirmed in July, it would turn its attention to planning next year's event.

A priority will be forming new partnerships ahead of the Easter carnival.

Mr Taylor said he thought people would be disappointed but understanding about the cancellation of this year's gift.

It is the first time the gift has been cancelled since World War II.

"I think the blow is a little better than after the event had to be postponed in April," Mr Taylor said.

"Now we've had time to adjust to the shock of realising it didn't happen."

He described the decision to cancel this year's event as a practical one.

"It's in the best interest of the gift," he said.

EARLIER - 11AM

There will be no Stawell Gift this year.

Stawell Athletic Club has cancelled the carnival after giving up any hope of rescheduling the time-honoured footrace this calendar year.

The Stawell Gift is traditionally the last event on the Victorian Athletic League season.

To run it before the end of 2020, the VAL would have to have unsuitably made the meet one of the early events of 2020-21.

One of Australia's most iconic sporting events, the three-day Easter carnival was postponed in March owing to the impact of COVID-19.

The club released a statement on Thursday announcing any hopes of setting a new date for this year had been abandoned.

"While the cancellation of the iconic race is disappointing for participants, spectators, partners and suppliers, planning for Easter 2021 is already under way and the Gift will return bigger and better next year under the direction of a new committee of management.

"The new committee will work together to drive collaboration between key event partners, enhance the event experience for athletes and spectators and the local community to grow participation, and deliver greater economic impact for the region.

"We look forward to welcoming everyone back to Stawell next year for the running of the 139th Stawell Gift."