The Taupo Ironman event will proceed next weekend after local iwi and event organisers agreed to a settlement on using Lake Taupo for the swim leg of the triathlon.
After a week of discussions Tūwharetoa Maori Trust Board and Ironman New Zealand came to an agreement late today.
While the two parties have agreed to the use of the lake any commercial arrangements would remain confidential.
Earlier it was rumoured the trust board was requiring $40 levy per entry from Ironman New Zealand for use of the lake.
If correct, this would have netted the board an extra $58,000.
Tūwharetoa Maori Trust Board chairman John Bishara said an ongoing relationship between the board and Ironman New Zealand was important to both parties and Taupo.
"Lake Taupo is a taonga to Ngāti Tūwharetoa and has provided for our people over many generations, as such, revenue from commercial activities will be invested back into our people," he said.
"Tūwharetoa leadership and the trust board have always supported the Ironman event and will continue to do so.
"Events such as this bring huge benefits to the wider Taupo community and New Zealand and we are committed to supporting them."
Ironman New Zealand owners said they were pleased to reach an agreement.
Ironman Asia Pacific chief executive Geoff Meyer said the orgnaisation looked forward to continuing to work with the trust board for the use of the lake.
"Taupo is the home of Ironman New Zealand and we look forward to staging this long-standing, iconic sporting event in the region for many years."
Ngāti Tūwharetoa and the trust board welcomed the Ironman competitors and visitors to Taupō.
- © Fairfax NZ News
Which of these best describes your home?Related story: Homes may be making children sick