Causeway Coast and Glens Borough Council have committed to contributing and extra £96,000 to the North West 200 in 2023 - taking their finaincial support to £275,000.
Coleraine and District Motor Club, organisers of the North West 200, warned the council earlier this year that the event was 'at a crossroads' and had grown beyond its control.
North West race chief Mervyn Whyte, 72, had said there was a “huge question mark” over the race, which went ahead in May for the first time since 2019 after the 2020 and 2021 events were shelved due to the Covid-19 pandemic.
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Whyte also requested the appointment of an event manager “to take over the development of the event and plan for the next five to ten years”, but that was rejected.
The council heard that early indications after this year’s races showed a cash injection of roughly £13million to the area.
A majority of councillors agreed to further support the event in 2023 on the basis that a number of conditions were met.
Democratic Unionist Party councillor John McAuley said organisers needed to provide a business plan to make the event self-funding within five years.
"The North West 200 is worth £16m to the local economy, so for us as a council it would be wrong not to help in some way," he said.
Sinn Féin's Leanne Peacock said it was wrong that the financial responsibility was 'to be laid at the door of the Council and our rate payers'.
“We're already massive contributors to this event,” she said. “After all these years of success, we have concerns that the North West 200 is not already sustainable and profitable."
Twenty-one councillors voted to pledge the extra support to next year's event.
Eleven voted against the proposal and three councillors abstained.
Former champion Glenn Irwin was quick to hail the news on social media, tweeting: "Yesssssssssssssssss ❤️❤️❤️❤️❤️"
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