The organising Dungannon and District Motorcycle Club confirmed the news on Thursday night.

In a statement, a club spokesperson said the event - scheduled to run from June 28-29 over the Bush circuit near Dungannon in Co Tyrone - was ‘finding it hard to attract new sponsors’.

The statement said: “Due to the recent increase in MCUI UC insurance costs and the financial downturn continuing in Northern Ireland, the club is finding it hard to attract new race sponsors and feel that it is safer and better to give this year a miss but plan for a bigger and better return in 2014.

“We could push on and run the event but we cannot take any risks in running a speed event like this, safety has to come first and we would rather sit out one year than take risks.

“This will be a loss for the local village and surrounding areas in trade as the event generated custom for them.”

The club said it unsuccessfully applied for funding to help sustain the event from the Northern Ireland Tourist Board.

The statement added: “We will work hard in fundraising events from now until next year and we are inviting everyone to come along and support us.

“We also hope the govern body can get a reduction in insurance costs for next year also.”

The Bush meeting was first held in 2006 and has been dominated in recent years by Ryan Farquhar.

In January, an insurance price hike of up to 30 percent put added pressure on the organisers of national road races in an already testing financial climate, with the cost of providing insurance cover for race meetings in Northern Ireland such as the Cookstown 100 and Mid Antrim 150 soaring by £3,455 from £12,315 to £15,770.

Four national road races remain on the calendar in Northern Ireland for 2013, including the Cookstown 100, Tandragee 100, Armoy and Mid Antrim 150.



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