There had been fears that the economic situation in Spain would force the UCI to have to move the event or abandon it but its future has been secured following an agreement reached with Spanish officials. 

The deal has been brokered by UCI President Brian Cookson, who visited El Consejo Superior de Deportes (CSD) - the Spanish Department of Sports - in December. 

Together with CSD President Miguel Cardenal and CSD director general Ana Munoz and Spanish Cycling Federation head Jose Luis Lopez Cerron they have worked to find an agreement that satisfies all parties. 

"As confirmed by the CSD, the strong leadership shown in this process and close understanding with the UCI has ensured the full launch of the UCI Road World Championships, Ponferrada 2014," said the joint statement from the UCI and CSD.

"This, together with the continued institutional support which has been welcomed by CSD, guarantees the organisation of the event, scheduled for 21-28th September, 2014."

Ponferrada will host the 2014 Cycling World Road Championships ©Getty Images

The clinching factor, however, was an agreement reached by Castilla y Leon, particularly its President Juan Vicente Herrer, who has confirmed that the Assembly 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".

"I was delighted to visit the CSD in December to present UCI WorldTour awards to Spanish teams and riders, reflecting the importance of this sport in a country rich in the history of cycling," said Cookson.

"We are very much looking forward to adding to this great history in Ponferrada later this year.

"The World Championships is a monument of cycling, and I am sure we will be privileged to see some fantastic racing over an excellent and challenging course."