Ulster Grand Prix bosses have this morning officially cancelled this year's event with the Dunrod club going into a Company Voluntary Arrangement with its creditors.

A statement reads:

Since the flag dropped on the last running of the Ulster Grand Prix race in August 2019, the organisers of the event, the Dundrod and District Motorcycle Club, have been working to resolve the financial difficulties suffered during that season.

The effect of Coronavirus and the restrictions aimed at controlling the pandemic have hindered the process but significant progress has now been made with the Dundrod and District Motorcycle Club Limited entering a Company Voluntary Arrangement with its creditors.

The Club would like to thank everyone involved for their understanding of the circumstances that led to the event’s unprecedented financial difficulties and their co-operation in helping resolve this difficult situation.

The financial problems, plus the effects of Coronavirus, meant the race did not take place in 2020 and the event will not happen during this year either.  

Despite these setbacks, the Dundrod club remains committed to resurrecting the event. Conversations have already taken place with public and commercial groups who share a similar aim and more discussions are planned.

This work will continue throughout the coming months in the hope of celebrating the centenary of the world‘s fastest road race with a return to action at Dundrod in 2022.

A company voluntary arrangement (CVA) is a statutory procedure intended to assist in the rescue of a company in financial difficulties. A CVA allows a company to agree a composition or an arrangement with its creditors in satisfaction of some, or all, of its debts.