Murphy announced late Tuesday afternoon that the South Jersey Transportation Authority (SJTA) and the Atlantic City International Airport will partner to organize the show this summer.

“The Atlantic City Airshow brings thousands of spectators to the beaches of Atlantic City every year and is essential to the success of the city’s economy,” Murphy said. “We’re thrilled to announce a partnership with the South Jersey Transportation Authority and Atlantic City International Airport to ensure this fantastic event takes place this summer.”

The SJTA will provide $300,000 to fund the event, while the airport will be the presenter.

The airshow , which attracts as many as 500,000 people, was previously organized by the Greater Atlantic City Chamber.

Earlier this week, questions swirled around the future of the airshow, including concerns about whether there was enough funding for the event.

Atlantic City Mayor Marty Small Sr. said in an interview earlier Tuesday afternoon that he wasn’t sure what the source of the air show’s funding issue was, but he said he was working to shore up support.

“I reached out to the governor of the state of New Jersey,” Small said. “[I] had conversations about what we needed to do to make sure that the airshow stays.”

Abid Qayyum, a boardwalk store owner, said his business doubles on the day of the airshow, and he said the event is critical to his shop’s survival.

“A lot of people here during that day and they watch all over the boardwalk. All these planes and all those shows,” Qayyum said. “We already have very slow business these days. So, we can make it if the air show is coming this year also.”

CBS Philadelphia spoke briefly to the Greater Atlantic City Chamber’s president, Michael Chait, who declined to comment.