The viability of the tournament was under serious threat unless Tennis Tasmania found a financial lifeline.

Rival bidders for the dual ATP and ITA event could have gazumped the Launceston International's spot on the tour had public funding not come forward.

Tennis Tasmania chief executive Darren Sturgess is feeling more confident that things have turned around since the last match-winning point was hit in February.

"We are in a great position now that the project has been committed and that the project will continue to push on," Sturgess said.

"The fact that we have investment committed and the project team is preparing all the requirements to start the works puts us in a strong position to retain these events for years to come.

"The project enables us to present a strong position of commitment from all levels of government to seeing world class tennis remain in Northern Tasmania."

A lofty $4 million cash injection was required for the project to go ahead, which was at least $1 million short at the end of the summer.

The project would include a function centre to house up to 150 people on its top deck to view centre court.

There could also be further plans to increase seating capacity past the 330 spectators in the western stand.

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"The work we have progressed together continues to move the project in the right direction," Sturgess said.

"We look forward to finalising the agreements with our funding partners over the next few weeks and getting into the project."

Sturgess is satisfied with the collaboration between the funding partners, calling it "very productive".

City of Launceston had committed a $300,000 grant to the project at a council meeting in May this year.

Tennis Tasmania has also coaxed "significant support" from the state government and Sport Australia.

The federal government had tipped in just $500,000 pre-election compared to $2 million from the state.

Tennis Australia already had committed a further $300,000 to the tournament alone to ensure the state still retained its three annual tournaments that include Hobart and Burnie.

Sturgess believes Tennis Tasmania has put its best foot forward to continue the tournament that began with women's singles in 2012.

"It certainly now puts us in the best position and it is certainly easier to retain the event than attract a new event," he said.

"Where we were lagging behind some of the other facilities, we now have that commitment."

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