After months of uncertainty and speculation, the Canadian Rodeo Finals have a new home.

Red Deer will hold the rodeo event starting this November after spending the last 44 years in Edmonton.

The last CFR was held at the Northlands Coliseum in November, but the rodeo was forced to find a new home when city council decided to close the arena.

Last week, the Oilers Entertainment Group decided not to bid to keep the event in Edmonton at Rogers Place.

The City of Red Deer put in a bid to move the event south in December.

“We are pleased to announce that Red Deer and central Alberta will be the new home of the CFR for at least the next 10 years,” Westerner Park CEO Ben Antifaiff said to applause.

While the rodeo is moving to a smaller venue – the ENMAX Centrium has 7,100 seats, about 10,000 fewer seats than the Coliseum – organizers say the event will boost the local economy.

“This event will create a major economic impact for Red Deer and over time, central Alberta will be known as the home of the CFR,” Canadian Professional Rodeo Association general manager Jeff Robson said.