Road racing in Northern Ireland in 2023 will now go ahead after the Motorcycle Union of Ireland UC secured a new insurance quote for its events.

The entire Northern Irish road racing, short circuit and trials calendar was completely cancelled in February after insurance costs tripled for 2023 from £170,000 to £410,000.

A day after the mass cancellation, which included the North West 200 in May, plans were hatched to try and save the races, part of which included a fundraising campaign.

But on Wednesday the MCUI announced it had secured a new, lower insurance quote with a company which has been accepted by event organisers.

This means the North West 200, which is seen as the traditional warm-up to the Isle of Man TT, will go ahead as planned on 7-13 May. The Cookstown 100 and Armoy races are also expected to run, though Tandragee 100 will not.

The chairman of the MCUI MC John Dillon says he is "humbled" by the "generosity" of road racing fans after they raised almost £90,000 through a crowdfunding page to help allow racing to be held in 2023.

"The figure currently raised combined with the new insurance quote has now made this possible," Dillon said.

"Thanks to all the efforts of those concerned, the MCUI UC, promoting clubs and members are extremely grateful and humbled by everyone's generosity.

Peter Hickman at Isle of Man TT 2022

"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."

Prior to the new insurance deal, organisers for the North West 200 had already said it was going to push to ensure the running of the event in 2023 despite the cancellation.

At the time, Dillon believes any cancellation of the 2023 calendar would make it "nearly impossible to bring it back in 2024".

There is no word yet on the Ulster Grand Prix, which was already in financial strife following the 2019 event and had been scrubbed from the previous year’s road racing schedule.