The 2013 Bush road races in Northern Ireland have been cancelled as a result of rising insurance costs and a lack of financial backing.

The announcement comes over two weeks after it was revealed national road race meetings were facing an insurance price hike of 30 per cent, with the cost of providing cover soaring from ?3,455 from ?12,315 to ?15,770.

In a statement released on Thursday night, a spokesperson for the Dungannon and District Motorcycle Club - organisers of the Bush meeting - said they were 'finding it hard to attract new sponsors'.

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"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," the statement said.

"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, who has retired from road racing in the wake of the death of his uncle at last year's Manx Grand Prix.

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

The Bush races were due to take place in June.