The Tour de France Grand Depart 2014 will receive £10m of Government funding.
Tourism group Welcome to Yorkshire said the injection of financial support will ensure Yorkshire is left with a tangible legacy years after it has left.
The Tour will travel through Calderdale on July 6 and is expected to attract 160,000 visitors to the area, as well as a £3m boost to the local economy.
The news was announced after a meeting with the Culture Secretary Maria Miller and a delegation of Yorkshire MPs.
Gary Verity, chief executive of Welcome to Yorkshire, said: “We welcome the news that the Government will provide £10m of financial support for the Grand Départ 2014.
“The Grand Départ will be one of the biggest sporting events of 2014, it will be seen around the world by billions of people and millions more will line the routes of the three stages.
“It will showcase Yorkshire and Britain at its best just 12 months after the success of the London Olympics and we are proud to have been able to have secured the third largest sporting event in the world for this county and country.
“With this Governmental support Welcome to Yorkshire can now deliver the Grandest of Grand Départs.”
Three million people are expected to line the route of the Grand Départ on 5 and 6 July with early conservative estimates predicting that the event will boost Yorkshire’s economy by £100m.