The organisers of the Ulster Grand Prix have announced that “significant progress” has been made in their battle with financial difficulties, although the event will not take place this year.
Last year, it was reported that the Dundrod and District Motorcycle Club’s debts were in the region of £300,000.
This position was reached after the pandemic hit on top of a number of years of weather-related disruptions, culminating in August 2019 when, following a bad weather forecast, the spectator attendance at the course was poor, leaving the Dundrod Club with a large financial black hole in its finances.
But now the club has announced that a Company Voluntary Arrangement (CVA) has been reached with its creditors, leading to renewed optimism that the races, which have taken place at the Dundrod circuit since 1953, can return to the course next year.
A CVA can be approved if 75% (by debt value) of the creditors who vote on the proposals agree.
A statement from the club read: “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.”