TT organisers have dismissed fears that the event will be directly affected by the possible cancellation of all racing in Northern Ireland for 2023.

The Motorcycle Union of Ireland Ulster Centre has launched a rescue bid for the races after insurance costs led to their cancellation.

There has been speculation that this could have a knock-on effect on the TT.

Forming part of the road racing season, events like the North West 200 contribute upwards of £17m for the Northern Irish economy and are the largest outdoor events staged on the island of Ireland.

Despite this, the MCUI (UC) said that insurance costs had risen from £170,000 in 2022 to £410,000 in 2023, with the organisation saying it was likely to have a shortfall of around £200,000.

This, coupled with a capped excess of £300,000 being introduced, means the MCUI may need to raise up to £500,000 in the short term.

As a result of these spiralling costs, the MCUI (IC) announced the cancellation of all planned races for 2023.

While this inevitably raised concerns about the future of road racing across the whole of the British Isles, the Manx government moved quickly to say the decision wouldn’t directly affect the Isle of Man TT.

The TT’s business development lead Paul Phillip said: ‘We do not foresee any immediate issues with competitors and teams not wishing to or being able to compete at the TT because of the cancellation of the road racing events in Northern Ireland.

‘We are in daily contact with many of those involved, and as previously stated any competitors that do find themselves impacted by the cancellations we will continue to work with.’

Determined to save their racing, over the weekend the MCUI launched a rescue bid for the events it oversees with fans, clubs and sponsors donating just under £60,000 in two days.

Chairman John Dillon said: ‘We cannot afford the premium hikes but nor can we afford to stop the events.

‘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.’

He added: ‘It [road racing] is part of our culture and heritage and we’ve been racing on roads for over 100 years. MCUI(UC) licence holders have always and continue to punch well above their weight and we are proud to have many world champions that come from Northern Ireland.

‘These world champions, the likes of Joey Dunlop and more recently Johnathan Rea are ambassadors not only for our sport but for Northern Ireland as well.’

The Gofundme official page is called ‘MCUI (UC) Insurance shortfall for racing in 2023’.