The competition - which sees young and old competitors hurtle at speed down Wentworth Street - will be run by the Gravity Racing Association of Australia, headed by Jessica Gnata.

It has been rebranded as the The Illawarra Gravity Racing Championship to be held on October 19.

Though Ms Gnata was previously event co-ordinator of the derby when run by the Port Kembla Chamber of Commerce, she assured the 2019 competition would not be subject to the same financial issues as previously.

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After two postponements, the 2017 derby was eventually cancelled due to lack of registrations and financial sponsorship.

Ms Gnata told the Illawarra Mercury local businesses would have the opportunity to sponsor the competition though any "shortfall will be picked up by a company already there [in support]".

Seven divisions of racing will make up the competition day and include old favourites like "Weird and Wacky".

Three junior divisions (open to racers aged seven to 20) will be official qualifiers for the Soap Box Derby in Akron, Ohio in 2020. These qualifying "Spitfire" cars will also need to be purchased from the organisers for $120.

Overall prizes for the competition are yet to be determined, Ms Gnata said, including whether qualifiers will be assisted with travel expenses to make it to Ohio.

"We will launch that type of information on the 20^th of April," she said.

The first ever derby was held in 1940, and returned to Wentworth Street in 2012 to much fanfare after a 25-year hiatus.

It was run by the Red Point Artists Association who oversaw three successful derbys before its driving members, aged in their 70s, opted to pass the baton to the Port Kembla Chamber of Commerce and Industry.

For more information on the upcoming event including rules and registration, visit: www.gravityracing.org.au 

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