All motorcycle road racing in Northern Ireland has been cancelled for 2023 due to the rising cost of insurance.
It includes the North West 200, Northern Ireland's biggest sporting event which draws a large crowd of fans from the Republic of Ireland every year.
Other events due not to take place include the Cookstown 100, the Tandragee 100 and the Ulster Grand Prix.
Affiliated clubs met last night and were told public liability insurance costs had tripled.
It meant the governing body had to find £400,000 and faced excess demands of a similar amount in the event of a claim.
Road racing is a tightly regulated but dangerous sport which has seen many fatalities and serious injuries over the years.
Public liability insurance covers injury to people and damage to property.
It is understood efforts are under way to secure insurance for the events on a standalone basis.
The North West in particular is a massive driver of the economy around the towns of Portrush, Coleraine and Portstewart.
It is estimated it contributes around £17m to the local economy and draws a crowd of almost 200,000 across a week of practice and racing.
The organisers of the NW200 said they still hoped to run the event in May if they could raise up to £500,000 via crowd-funding.
In a statement this afternoon, Mondello Park said they are unable to run any motorcycle events this year, due to "ongoing insurance issues be encountered by Motorcycling Ireland".
"The cancellation of the 2023 Dunlop Masters Championship is a major blow to Irish Motorcycle Racing, Mondello Park and the Masters Championship," the statement added.
The park said it will continue to do what it can to assist Motorcycling Ireland in organising a return to racing and that if a solution can be found to the insurance issues, Mondello Park will facilitate, where possible, a return to racing at the earliest opportunity.
Philip McCallen is one of the sports most celebrated riders. He said it was time fans were asked to pay to enjoy their sport.
At the moment it is a free event, with huge crowds lining the roadsides as the riders pass by at high speed.
Meanwhile, organisers of motorcycle road racing events in the Republic have expressed serious concerns over the feasibility of running events this year due to high insurance costs.
Motor Cycling Ireland, the Republic's governing body, said it is currently awaiting a quote from its insurer, but admits it is very worried about the implications of a severe rate increase in Public Liability Insurance.
Insurance costs were around €200,000 in 2022.
Road races at venue such as Skerries, Mondello Park and Kells are the highlights of a busy season, but MCI said approximately 120 events across several classes and categories are now under threat.
Additional reporting Joe Stack
