The Speight's Coast to Coast event has been sold to Trojan Holdings of Queenstown.
The Coast to Coast has been running for 31 years and attracts entrants from around the world.
Founder Robin Judkins said he decided he wanted to sell the event about 17 months ago because he had become tired of running such a large event every year.
He said Trojan Holdings is closely involved in tourism and sport and would bring its enthusiasm to the event.
Trojan Holdings operates businesses including the Milford and Routeburn Tracks and the AJ Hackett Bungy attraction.
Judkins said he is sad to sell but he intends to stay on for five years, gradually reducing his involvement to firing the starter hooter and handing out beers at the finish line.