British Cycling and Brighton and Hove City Council have jointly finalised the funding package which will allow safety improvement works to take place at the historic Preston Park Cycling Track.
The track was closed to competitive cycling in 2015, after users identified concerns over the velodrome.
Throughout last year, representatives of British Cycling met with officers of Brighton and Hove City Council in a bid to progress repair work as quickly as possible in order to meet the needs of local cyclists.
With the funding package now agreed, work on the track will commence early this year. The work is scheduled to be completed - and the site will be fully operational - in the spring.
The total cost of the works is £160,000, most of which is being funded by a grant award from British Cycling, with the remaining £50,000 coming from section 106 funding contributions from planning applications.
John Mills, British Cycling coaching, education and development director said: “Preston Park provides an excellent, traffic-free cycling facility, which is of great value to the people of Brighton and the wider South East Region. We are delighted to have agreed a partnership funding package for the work which will see this track return to full operation in the spring.”
Council leader, Warren Morgan, said: “This announcement is excellent news for the cycling community. The Preston Park velodrome is a much loved part of our city’s history, being the oldest cycling track in the country. The funds will be put to good use to replace the fencing and carry out minor repairs.
“The track is used by riders of all abilities and after the repairs are completed everyone will be able to enjoy it, knowing it is a safer and refurbished place to cycle. It will also be wonderful for the Track League to return as it is a great community event every week, bringing people together from all over Sussex and further afield to compete in or spectate the racing.”
The cost of the scheme is lower than originally anticipated meaning more funding will remain for investment in the rest of Preston Park in line with its management plan.