The future of the North West 200 has been safeguarded by funding of over £60,000 from Causeway Coast and Glens Borough Council.
The money will ensure the event can take place next year, after falling into significant financial difficulties caused by the coronavirus pandemic.
The crisis has seen this season's road racing calendar decimated, with the North West and the Isle of Man TT among the events cancelled.
"This crucial money will cement the running of the International NW200 in 2021," said North Antrim MP Ian Paisley. "The North West was in the treacherous position that it was possibly not going to survive."
This year's North West 200 was initially postponed on March 17 and then cancelled. The event had been set to take place between May 12 and 16.
Meanwhile, the MCUI Ulster Centre remain hopeful that the Cookstown 100 can be contested in September, but Motorcycle Ireland have called for no more events to be held this year.