This year's North West 200 and other motorcycle events in Northern Ireland will go ahead as planned this year.
A new insurance deal has been agreed to allow the international road race and other meetings, short circuits and trials to take place in 2023.
A revised quote was received by the Motor Cycle Union of Ireland (Ulster Centre) last week, while over £90,000 has been raised through a crowdfunding campaign.
Read more: North West 200 organisers reviewing new insurance quote as deadline looms
It is a massive boost for the sport here after all bike racing in Ireland had been cancelled in February because of soaring insurance costs.
A statement from Coleraine and District Motor Club said: “The Coleraine and District Motor Club is delighted to announce this year’s fonaCAB and Nicholl Oils North West 200 will take place as planned on May 7-13.
“As has been well documented over the past month, this year’s event had been thrown into jeopardy by a huge increase in the cost of public liability insurance. A new insurance deal has finally been secured and the crucial intervention of Co.Tyrone businessman, Derek Keys, with a generous donation from his company, Euro Auctions, has ensured the 2023 NW200 can go ahead.”
North West 200 chief Mervyn Whyte added: “We are very grateful to Derek Keys and Euro Auctions for this very generous support. In the absence of any financial assistance from government, the sport has been left to its own devices to deal with the insurance crisis.
"Mr Keys' intervention has been crucial in saving this year’s North West 200. We also wish to express our gratitude to the many members of the motorcycle racing community who donated so generously to the crowd funding initiative launched by the Motorcycle Union of Ireland, Ulster Centre.”
In a separate statement issued by the MCUI (UC), chairman John Dillon said he was “overwhelmed" by everyone who had donated to the crowdfunding appeal.
He added: “The figure currently raised combined with the new insurance quote has now made this possible.
“Thanks to all the efforts of those concerned, the MCUI UC, promoting clubs and members are extremely grateful and humbled by everyone's generosity.
“With the start of our racing season now just around the corner, I would ask that the racing community continues to support our events and make 2023 one to remember.”
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