The project had previously been put in jeopardy when political control of the council changed hands earlier this year but last month the new Labour administration came out in support after a review.
Locally based Bowmer & Kirkland was also selected as main contractor last month. Mace is project manager.
The 5,000 seat facility, which is designed for use for various sporting and entertainment events and not just cycling, will be built next to Derby County FC’s Pride Park stadium.
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