Financing is in place to save the 2014 world championships, scheduled for a hilly course in northwest Spain.
That’s according to local organizers, who say they have a guarantee from the regional government to meet a UCI-imposed October deadline to assure financing for the annual competition.
Officials from Ponferrada, the midsized city in the heart of the hilly Bierzo region, confirmed that the money would be there for a weeklong world championship set for September 20-28, 2014.
The mayor, Carlos López Riesco, said his town will pony up $1 million while the regional government will guarantee the remainder to pay the $5 million fee to the UCI and meet the deadline.
The rest of the event’s $15 million budget will be covered by private donations, something that officials admit will be a challenge in light of Spain’s worsening economic crisis.
The UCI set a late-October deadline after Bierzo officials were having trouble to find available funding as an economic meltdown ravages Spain. Other sites were being considered as a backup for the 2014 worlds, including Turkey and Belgium.
UCI officials told Spanish wire services that the cycling governing body is still waiting to hear from Bierzo.