A statement from the Motorcܫycle Union of Ireland on Wednesday saidꦡ: "As most of you will be aware, all tarmarc motorcycle racing was cancelled in early February 2023 due to a significant increase to the annual insurance premium.

"Following the decision and listening to the feedback of the racing🥂 community, a 'Crowd Fund Me' was set up so racing fans could do their bit to help 💙out. Although we know it was a big ask, we are overwhelmed at the generosity of all who contributed.

"Combined with this total figure now raised, and the determination of MCUI member Mr Steven Lyons, who has worked around the clock with our insurers to find a soluti🦩on, we are now pleased to be able to announce a new insurance quote has been secured, which makes it possible for all clubs to promote their events in 2023.

"The ༺objective of the crowd fundi🤡ng was that enough funds would be raisedso that all clubs would have the option to promote their events. The figure currently raised combined with the new insurance quote makes this possible.

"Thanks to aꦑll of the efforts from those concerned, the MCUI-UC,  promoting clubs and members are extremely grateful and humbledby everyone's generosi𓄧ty.

"As chairman of the MCUI UC I pass on sincere thanks on behalf of all promoting clubs to every single person who donated to th🔥e crowd f⭕unding iniative.

"With the start of the raci꧒ng season now just around the corner, I would ask that the racing community continues to support our events and make 2023 one to remember."

Events, such as the North West 200,ᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ were initially cancelled earlier this year when a new insurance cost totalled an unaffordable £400,000.

The rise was down to the need for greater public liability - a mechanꦕism that covers the cost of claims made by members of the public for incidents that occur in conꦯnection at race meetings.