The International Cycling Union (UCI) had last month warned the historic city in north-western Spain that they would have the Championships taken away from them unless they could meet their "contractual commitments".

With the national Government in no position to underwrite the event there were fears that Ponferrada would have to give up the event, which could have impacted on Madrid's bid to host the 2020 Olympics and Paralympics. 

But now Castilla y León has confirmed that it will underwrite the initial costs of €4 million (£3 million/$5 million) and also provide an additional €800,000 (£643,000/$1 million) in funding after they declared the event as an event of "exceptional public interest".

They hope their own investment will be boosted with private sponsorships.

"The decision by [Castilla y León] President Juan Vicente Herrera has been decisive and removes all doubts over the possibility of the Worlds," said Ponferrada's Mayor Carlos Lopez Piesco.

"He has always demonstrated his sensitivity and affection for Ponferrada and El Bierzo [valley] and once again demonstrates his commitment to this land."

The Ponferrada World championships will be the first time the even has been held in Spain since Madrid hosted the event in 2005.

The 2013 event is due to be held in Florence, while the 2015 Championships will take place in Richmond, Virginia, where it will be hosted by the United States for only the second time.

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