The government has followed through with its commitment to bid for the UCI Road World Championships – and has set aside £24m (US$31.5m, €27.8m) to host it in Yorkshire.

The proposal was first revealed in last year’s Autumn Statement as part of chancellor George Osborne’s Northern Powerhouse strategy, in which rugby league was also pledged financial backing and a 2021 World Cup bid.

Welcome to Yorkshire put the bid together is association with British Cycling and UK Sport, although the Treasury has “guaranteed to underwrite the full cost of the event”.

North, south, east and west Yorkshire will all feature in the race route, and the competition will take place over three days with the full road race and races for under-18s and under-23s.

The county hosted a stage of the Tour de France in 2014 – and event which generated millions of pounds for the local economy.

“Yorkshire has everything a bike race could wish for,” said Sir Gary Verity, Welcome to Yorkshire chief executive. “We can promise a gruelling but spectacular range of routes, huge crowds and the very warmest of welcomes.

“The Tour de France Grand Depart in 2014 cemented the county’s place as a world-class cycling destination and since then I have been proud to oversee the launch and growth of the Tour de Yorkshire – a race which is now regarded as one of the most dramatic and well-supported events in the sport.”