The Ironman 70.3 World Championships in Taupō, planned for November,have been deferred until early next year.
Taupō District Mayor David Trewavas said the postponement was expected given the effect Covid-19 was having on New Zealand and the world.
"This would have been a difficult decision, but the most important thing is that we as a community are ready to welcome these athletes when the time is right," he said.
The effects of Covid-19 had been devastating for tourism operators and accommodation, hospitality, and event providers in the Taupō district, with a third of employment related to the tourism sector.
It is estimated the event will bring an economic return of $20 million to the district, which is two thirds of the return the district's events normally attracts over the whole year.