Revealed as part of the Government's Budget announcement, Workington is set to receive £23 million to support regeneration projects like the sports village and an innovation centre.
The Town Investment Plan, developed by the Workington Town Deal board, also aims to improve public spaces and connectivity, and develop a logistics and clean energy hub at the Port of Workington.
Meanwhile, Carlisle will get £19.7 million, which the council says will "help drive Carlisle forward in the future".
Over 100 towns were invited to bid for a share of the £3.6 billion pot. Alongside Workington and Carlisle, 43 other towns were successful in securing funding.