French newspaper L'Équipe reported last month that the funding protocol was still under discussion, with politicians still determining responsibilities.

The project's estimated total cost is €41 million (£34 million/$46.5 million).

Solideo, the state-owned company in charge of the construction projects for Paris 2024, have committed supplying €25 million (£21 million/$28.5 million).

This comprises of a €20 million (£16.5 million/$22.5 million) contribution from Marseille, as well as €5 million (£4 million/$5.5 million) from the French state.

It was reported last month that the Bouches-du-Rhône department and Provence-Alpes-Côte d'Azur region could provide the remaining €16 million (£13.5 million/$18 million) of funding for land and maritime upgrades.

Estanguet, who is on a two-day visit to the French city, confirmed an agreement has been reached on funding.

"The project is completely stabilised on sailing competitions," Estanguet said, according to Made in Marseille.

"The financing plan is completed.

"Each actor wanted to contribute to the success.

"It is important for us to leave a legacy for the population and territory, including better infrastructure to launch boats."

Estanguet’s comment was supported by Renaud Muselier, the President of the Provence-Alpes-Côte d'Azur regional council.

Muselier praised the role of Estanguet and Michel Cadot, the interministerial delegate for Paris 2024, in helping to reach an agreement with the parties to support preparations in Marseille, the largest city in the region.

"On the financial level to make it clear, everything has been completed," said Muselier, who in January raised the possibility of a French bid for the 2034 or 2038 Winter Olympics based around the Southern Alps.

"It was quite difficult on the whole project.

"All the institutional partners came and I salute them."

Local authorities in Marseille abandoned a proposal to build a 5,000-seat grandstand for the Paris 2024 Olympic sailing events earlier his month.

The construction of the stand on the Corniche was part of the plans laid out by the Paris 2024 Organising Committee.

The rejection reportedly centred around safety concerns, as the proposed stand would cover traffic lanes and that vehicles would pass underneath it.

Paris 2024 are now expected to move the grandstand to the beach, ensuring spectators can watch competition and traffic will be unaffected.

Organisers are reportedly keen to achieve a similar capacity to the initial proposal.

Marseille is set to host sailing and football competitions during the Paris 2024 Summer Olympics.

The Games will take place from July 26 to August 11.