"With the support of Summit Forests management and some of the company's business partners, he has come up with sufficient money to secure next year's tournament."
It was only a one-year deal at this stage, but he was hopeful that a longer-term arrangement would be reached.
A large part of the backing had come from Far North Roading (Glen Subritzky and Brady Wild) and King Avocado (Ian Broadhurst), but Mr Stewart emphasised that that should not detract from the competition's "extremely loyal" group of smaller local sponsors, who together made staging the five-day competition possible.
Contestants would be asked to make a contribution to the competition's survival too, however. Mr Stewart said the organisers had decided, with some reluctance, to increase the entry fee.
"It is many years since the last increase, and costs have risen significantly over that time, including the increase in GST to 15 per cent in 2010, to the point where we can no longer absorb them," he said.
"We are now looking to cement the future of the Bonanza, and ask for support from past competitors to come back in 2015, and to bring new competitors with them. This is definitely a numbers game, and 1000 fishermen would secure the competition's future." Last year's competition attracted 720 contestants, the same as in 2013 and about 100 up on 2012, but traditionally the field has ranged from around 700 to 800.