The £582,000 (US$876,791, €825,977) transformation of Carmarthen’s condemned velodrome has been given the go-ahead by the local council.

Carmarthenshire County Council has agreed to support the velodrome with a funding contribution of £286,000 (US$431,122, €406,064), which will be supplemented by £296,000 (US$446,196, €420,262) of funding from Sport Wales.

The facility, which will become the “regional centre of excellence for cycling”, will be used as a training and competition venue for cyclists, with an upgraded track and safety fencing installed.

A contractor for the project is yet to be appointed, with designs for both the surface and fencing yet to be finalised. A tender will then be launched to find the architect of the facility.

The executive board of Carmarthenshire County Council said its decision to back the project would give the area and economic boost and would create a number of new jobs.

Once the velodrome is complete, it will be run and maintained by Carmarthen Town Council.

“This is an opportunity to save one of the most historic sports facilities in Wales,” said executive board member for regeneration, Cllr Meryl Gravell.

“Without this investment the track, which is currently condemned, would never have been used again and 100 years of active use and sporting history would have come to an end.”

Sport Wales director of elite sport, Brian Davies, highlighted the “fantastic record of young and talented riders coming from this area” and said the facility would help local riders reach “Commonwealth, Olympic and Paralympic Games”.

“The facility development will also have a significant impact on regional club developments, quality of coaches and competition opportunities held in Carmarthen,” he added.