On Thursday, the MCUI released a statement saying it had taken the decision to cancel all of Northern Ireland's road racing and short circuit racing events in 2023 due to spiralling insurance costs.

Public liability costs for even organisers have tripled for 2023 from £170k to £410k and created an unsustainable situation, with the effects of Brexit being blamed as a contributing factor.

The decision to cancel the season was voted for by member clubs at an MCUI meeting on Thursday.

However, on Friday organisers for the North West 200 – Northern Ireland's biggest outdoor sporting event – say they "have not given up" on staging this year's edition from 7-13 May.

Now the MCUI has followed up its statement from Thursday with a new one claiming it is working on a rescue package to "prevent the loss of Northern Ireland's prime road racing events".

MCUI says clubs are prepared to pay some of the increase in insurance costs through additional sponsorship and an increase to entry fees.

Ulster Grand Prix action

However, it believes there will be a shortfall still of £200k as well as a capped £300k excess set to be introduced, which will need to raise half a million pounds.

It is hopeful that it can negotiate a reduction in this amount with insurers, while a crowdfunding campaign is also being considered.

"We cannot afford the premium hikes [in insurance costs], but nor can we afford to stop the events," John Dillon, MCUI chairman, said.

"Members of the MCUI (UC) board and I are now urgently pursuing a series of options and sources including the launch of a crowdfunding 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.

"There has been a groundswell of support from across all sections of the media and it is clear that we have the support of all race fans making the option or crowdfunding a real option to save our sport."