The UK’s biggest cycle race, the Tour of Britain, will finish on the Isle of Wight in September 2022.
An agreement between the race’s organisers and Isle of Wight Council that its final stage will be held there was signed in Ryde on Saturday.
The council’s leader Dave Stewart said the stage was “just what is needed to help boost the local economy”.
The authority previously said hosting the stage would cost about £340,000 but could generate as much as £4m.
Mr Stewart said: “This is a wonderful opportunity to showcase the stunning landscapes of the Island to an international audience, attracting spectators locally and from afar to enjoy world-class cycling.
“Just as the Isle of Wight is synonymous with sailing, so too I hope we can become a Mecca for all things cycling with Tour of Britain and other exciting cycling events in the pipeline.”
Hugh Roberts, the managing director of race organisers SweetSpot Group, said: “We are delighted to be officially confirming in two years’ time we will be bringing the world’s best cyclists to the Isle of Wight for the final stage of the Tour of Britain, in what I am sure will be one of our most memorable stages.”
This year’s Tour of Britain, which was due to take place in September, has been cancelled because of coronavirus.
The 2019 event, from Glasgow to Manchester, was won by Dutch rider Mathieu van der Poel.
The race has previously attracted world-class riders including Bradley Wiggins, Chris Froome, Mark Cavendish and Geraint Thomas and is broadcast in 190 countries worldwide.