By Jonathan Rawcliffe & Phil Harlow BBC Sport at The Crucible

Feature: Snooker's future rests in Sheffield Sheffield verdict thrills Caborn

Snooker's World Championship will stay in Sheffield for the next five years, following an announcement from the sport's governing body.

The tournament will stay at the Crucible Theatre for the foreseeable future, although organisers will investigate building a new venue.

Sheffield has hosted the tournament since 1977, but had to bid against other British cities to retain it.

"This is a very exciting time," said World Snooker chief Sir Rodney Walker.

"The decision we have made was based on an assessment of all the elements in each of the bids.

"But in the end the board was unanimous that their choice for both the championships from 2006 to 2010."

Walker spells out Crucible future

The Crucible's facilities will be refurbished with an expected �10m investment package, although the seating capacity is expected to remain at its present level.

Sheffield will also become home to a snooker academy, to be based at the English Institute of Sport.

The announcement - made at Sheffield's indoor Winter Gardens - follows months of speculation about the long-term future of the tournament.

The fans love it, the players love it and I love it From HE Have your say on Five Live

Six cities, belived to include Liverpool, Manchester and Birmingham - expressed an interest, with three submitting fully costed bids to host the Championship.

The decision is likely to be popular with most of the top players.

Stephen Hendry, who has won the world title at the Crucible seven times, gave his backing to the decision after his 13-3 win over Anthony Hamilton.

"I don't think anyone wanted to see it leave," said Hendry

"As long as it's on the right financial terms, then I'm delighted."

Research conducted by the Sport Industry Research Centre (SIRC) at Sheffield Hallam University suggests the Championship could generate additional expenditure of �2.5m per annum for the city.