Rigtec Engineering has contributed to the cash prize pool over the past couple of years but recently agreed to become principal sponsor. Rigtec owner Mark Webb is Billy Webb's great-nephew and incredibly proud to be associated with his uncle's achievements.
Mark bought Rigtec Engineering, a professional rowing equipment fabrication company, in 2018, not realising he was a descendant of Billy Webb.
Rowing legend Mahe Drysdale had confirmed his support to champion a new category for junior scullers.
"Mahe's commitment to the Billy Webb Challenge has been fantastic and we want to honour that while creating an incentive for our younger rowers," WRA president Philippa Baker-Hogan said.
It has not been decided when the Billy Webb Challenge will next be held.
"We will look at the rowing season, when our elite rowers are available and, of course, what delivering events under the traffic light system involves," Baker-Hogan said.
The event commemorates New Zealand's first professional single sculling world champion William "Billy" Webb's defence of his world title on the Whanganui River in 1908, before 25,000 spectators. WRA has organised the event since 2008.