A newly-formed club, known as Bendigo City FC was granted the transfer of the former FC Bendigo NPL licence by Football Federation Victoria on Friday.

Rising costs put Bendigo's future in the NPL in serious doubt after many superb on-pitch performances this year.

The Bendigo Amateur Soccer League held the licence for FC Bendigo to make its debut in division one in 2014.

Bendigo City FC 's interim president Corey Scoble said the club was rapt to be granted the licence.

"It's just massive, and that's probably the only word I can use," Scoble said.

"It's been such a big effort for a community like Bendigo to make sure that we are in the NPL.

"The City of Greater Bendigo and Bendigo Bank are our major stakeholders here, and they have got behind a group of businessmen like myself to make sure that we can survive in the National Premier League."

The new-look Bendigo City FC will vie for the NPL 1 west division championship.

The club will hold the NPL licence for two years to bring it in line with all remaining NPL clubs in Victoria.

Bendigo City FC's home matches will be played at the Epsom-Huntly Recreation Reserve.

Chief executive at FFV, Peter Gome welcomed the NPL's newest club.

He said the licence was granted to Bendigo City FC as a completely independent entity to the Bendigo Amateur Soccer League.

"This will help ensure the Bendigo football community has a local competition and an NPL club in 2015 and beyond."

The Steve Martin-coached FC Bendigo achieved a win-loss record of 9-13 and drew four matches on its way to being 11th of 14 in last season's NPL division one championship.

In 2015, Bendigo City FC will take on Ballarat Red Devils, Brunswick City, FC Bulleen Lions, Melbourne City Youth, Moreland City, Moreland Zebras, St Albans Saints, Sunshine George Cross, and Whittlesea Ranges in the west conference. 

First round in the senior championship is on February 21 and 22.