Famous short film festival Tropfest has been saved by eleventh-hour sponsor CGU.

The 22-year-old event was cancelled last month due to what founder John Polson called a “terrible and irresponsible mismanagement of funds”.

The festival will now go ahead on Valentine’s Day in Sydney’s Centennial Park.

Since it was first held in 1993, Tropfest has grown to become the world’s largest short film festival, fostering Hollywood stars including Rebel Wilson and Sam Worthington and directors such as The Black Balloon’s Elissa Down and Two Hands’ Gregor Jordan.

IAG Commercial Insurance CEO Ben Bessell says he is delighted to support the event.

“Tropfest is a great festival, providing unique platforms for talented filmmakers through its events and initiatives, and we are excited to… help it get back on its feet,” he said.

“Supporting this fantastic cultural event is about creating a renewed opportunity for Tropfest and all those small businesses associated with the event to continue to thrive and get some business done.”

Tropfest is expected to attract tens of thousands of filmgoers, and will be broadcast live to cities across Australia.