Bristol International Balloon Fiesta is set to return next year after signing a deal with the local authority.
The free annual event will take place over three days at Ashton Court Estate in August.
While still recovering from its financial challenges, the not-for-profit event said it had "secured stability" due to a new partnership agreement with Bristol City Council, which has granted use of the estate until at least 2030.
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The memorandum was signed by Don Cameron, founder and director of the Bristol International Balloon Fiesta, and Cllr Tony Dyer, leader of Bristol City Council.
The fiesta’s organisers also said the event had received "significant support" from the region’s business community, including accountancy firm Albert Goodman, its headline sponsor, and long-term supporters Thatchers, Butcombe, GWR and delivery partners.
Mr Cameron said: “Funny thing about humble beginnings, they have a habit of growing into something remarkable! When we first came up with the idea of hosting a balloon meet in Ashton Court in the seventies, we were simply wanting to bring some balloonists together to have a bit of fun.
"To see it now, woven into the fabric of our city, is humbling beyond words. It has become part of all our stories, a gentle triumph that we now have a social and economic responsibility to protect."
Since its founding year in 1979, the fiesta has taken place at Ashton Court Estate.
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For almost five decades, the fiesta has worked with the council to grant use of the land every August to stage the free-to-attend event.
“My thanks go to Cllr Tony Dyer, and the council for granting us the continued use of Ashton Court Estate, which has unwittingly become one of ballooning’s global capitals," added Mr Cameron.
"Equally thanks must go to our sponsors, and every visitor and supporter – you have all helped turn a simple idea into something extraordinary.”
A recent impact report on the fiesta has revealed the event made a small in-year profit in 2025. It is understood the surplus will be used to reduce aged debt.
Mr Dyer said: “It’s undeniable that the Bristol International Balloon Fiesta has played a significant role in shaping our city’s global reputation for the past few generations.
"It sits proudly amongst the highlights of Bristol’s world-renowned events calendar, a showcase for our city’s heritage of ingenuity, enterprise, and curiosity.
"I’m delighted to have been able to work with Don and his team to secure the use of Ashton Court for the foreseeable future. Whilst the value of the fiesta to our local tourism and social economies is significant, equally as important is the inspiration the event sparks in many of the children and families who visit each year.”
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The Bristol International Balloon Fiesta is a not-for-profit event run by a voluntary board to celebrate the remarkable world of hot air ballooning and its heritage connection to Bristol, while promoting the region.
Every year the event generates all required revenue independently, without receiving any public sector funding.
In 2024, the event implemented a new five-year strategy to reduce its deficits but also invest in innovations that enhance the visitor experience, extend community engagement and safeguard the event’s future.
The 2026 International Balloon Fiesta will take place between 7 and 9 August.