The 2020 Warrnambool Gift has been given a third life with president Richard Wearmouth confirming the event will be re-run on March 6 at the city's Friendly Societies' Park.
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More than 50 millimetres of rain and severe thunderstorms forced organisers to pull the pin half-way through the original 2020 Warrnambool Gift on January 2.
Wearmouth said the Bendigo International Madison Committee had last week made the decision to cancel its cycling and athletic event on the Labour Day long weekend.
It meant there was a free spot on the Victorian Athletic League (VAL) calendar.
"All of sudden there was a hole there and we had a meeting and asked VAL whether it would consider having another (Warrnambool) meet," he said.
Wearmouth said VAL gave the new date the tick of approval on Monday.
He said Warrnambool City Council had also been supportive.
The president believes the new date may attract more entries because the VAL season is now in full swing, having had five events.
The January 2 event fell at the start of the season.
"We only finished four events out of 14 (on January 2)," he said.
"So we're going to run our whole meeting again."
He said the results from the four events, including the 800 metres and 70m, which were completed would still count.
Wearmouth said running all the events again would help attract the maximum number of participants.
For example, he said open gift runners liked to use the 70m as a warm-up to their 120m event.
"It's a lot friendlier to the athletes," he said of why the full list of events was going to be available.
In a positive sign, Wearmouth said he was talking to South Australian coach Paul Young over the weekend who indicated he would again bring a team to Warrnambool.
Wearmouth said he would be looking for more volunteers and may need more sponsors for the gift.
He said people could get in contact via the Warrnambool Gift Facebook page.