Tasmania's historic Boxing Day cycling and running carnival at Latrobe has been handed a lifeline.
The event was going to be cancelled today unless organisers could secure $40,000 in sponsorship.
The carnival committee has announced that several companies have agreed to sponsor the 112-year-old event.
Organiser Dennis Chugg says there will be $45,000 in prizemoney and entries are now open.
This is great news for the Carnival series. There is a lot of tradition in the Latrobe Wheel, the oldest and richest wheel race in Australia.
I am hoping I will get to head up to Latrobe for the carnival.