The organisers of the North West 200 insist they are 'not giving up the fight' to host this year's event.
They were responding to a statement on Thursday night from the Motor Cycle Union of Ireland Ulster Centre which indicated all of its events in 2023 had been cancelled.
Escalating insurance costs are to blame for the current crisis to have engulfed the sport.
Read more: Mark Allen returns to hero's welcome in Antrim following recent success
All road races, short circuit racing and trials are amongst those events cancelled but motocross is not affected.
This year's showpiece road race, the North West 200, is due to be held from May 7-13.
A statement issued by the event's organisers read: "The crisis the fonaCAB and Nicholl Oils North West 200 and the rest of motorcycle sport in Ireland currently faces is due to a huge increase in the cost of insurance cover for 2023.
"The organisers of the North West 200, the Coleraine and District Motor Club, have been working tirelessly to mitigate the pressure created by these extra costs.
"The club was confident it could manage the initial premium increase but with other events unable to do so, the transfer of extra charges to the North West 200 created an unsustainable financial burden.
"Yesterday the sport’s governing body, the Motor Cycle Union of Ireland (UC), announced the cancellation of all motorcycle sporting events in Northern Ireland this year. But the organisers of the NW200 have not given up the fight.
"We cannot afford to lose an event that has been running for over 90 years and plays such a vital role in the economy of the north coast area."
MCUI delegates held an emergency meeting on Thursday evening, after which clubs said it was impossible to run events because insurance costs had tripled for the forthcoming season.
Public liability insurance covers injury to people and damage to property during the race weeks.
Cancelled events include the Armoy Road Races, Ulster Grand Prix, Cookstown 100, Tandragee 100, and the Sunflower Trophy at Bishopscourt.
North West 200 organisers say they still plan to run to promotional events this month despite uncertainty surrounding their event.
"We have been overwhelmed by the messages and offers of support we have received today and whilst we understand the decision taken by the MCUI (UC), the Coleraine and District Motor club will continue in its efforts to stage the North West 200 on May 7-13," the statement added.
"Plans were already in place to welcome new competitors to the event during an induction day next Tuesday, February 14. Both that event and the Meet the Stars race launch, scheduled for February 15, will go ahead as planned and we will continue to keep everyone informed of our progress."
In a second statement released on Friday afternoon, the MCUI appeared to row back on its initial comments by confirming it was preparing a rescue package and that it needed to raise "up to £500,000" to cover insurance costs.
"We cannot afford the premium hikes but nor can we afford to stop the events," said MCUI chairman John Dillon.
"Members of the MCUI(UC) board and I are now urgently pursuing a series of options and sources including the launch of a crowd funding campaign.
"If racing doesn't take place in 2023, not only will it be nearly impossible to bring it back in 2024, we will also lose the new riders coming through the ranks."
READ NEXT:
- Institute FC share 'delight' as they update fans on stadium bid
Linfield fans react to Kyle Lafferty signing and issue early warning
NI Football League announces post-split change to ramp up title drama
Dwight Yorke makes outrageous Celtic and Rangers claim as he targets job
For all the latest news, visit the Belfast Live homepage here. To sign up to our FREE newsletters, see here.
