Auckland Council has voted in favour of a plan to host the America's Cup in 2021.
The decision ends months of speculation the historic tournament might find a new home, after reports late last year Team NZ was demanding a sizable 'hosting fee'.
Mayor Phil Goff announced the details of an in-principle agreement between Auckland Council, the Government and Emirates Team New Zealand on Monday.
The plan, which would see the 2021 regatta held at Wynyard Pt, received a unanimous yes vote.
The council will put forward $98.5 million towards the construction of new infrastructure for the regatta, including extension of Wynard and Hobson wharfs.
"Under the agreement, the Viaduct Events Centre will now be home to Emirates Team New Zealand without extending Halsey St wharf into the harbour," Mr Goff said on Monday.
"One base will be on a Hobson Wharf extension and up to five bases on the eastern side of Wynyard Pt."
The total cost of construction is estimated at $212 million, the rest paid for by the taxpayer - including the hosting fee.
"There'll be different views on that in society," Economic Development Minister David Parker said earlier this week.
"Some people see this as primarily subsidising a sport of the elite, the Government's analysis is at that number it is justifiable because of the economic benefits to New Zealand."