Hopes of reviving the Ulster Grand Prix international road race have been boosted with the announcement that the Northern Ireland Executive is to provide the Motor Cycle Union of Ireland (Ulster Centre) with multi-year funding in the region of £400,000.

The Ulster GP has not taken place since 2019 because of the Covid-19 pandemic and financial issues but organisers are optimistic that the race could return to the road racing calendar as early as 2027 and have begun making plans with that in mind.

A portion of the Stormont money, possibly in the region of 50%, is to be ring-fenced for the Dundrod event for improvements to the safety of the circuit, but direct funding for the race itself will not be provided.

The NI Executive has indicated they will support efforts made by promoters of the UGP in their bid to get additional funding through other government funds, including Tourism NI and Lisburn and Castlereagh Council.

The MCUI Ulster Centre Sports Promotions plan to run the race with the involvement of a team of their “best race promoters and officials brought together, picked from the seventeen clubs affiliated to the MCUI (UC) to oversee the running of the event”.

The summer of 2027 is regarded as the earliest proposed date for the meeting to be resurrected.

A statement released by the Ulster Centre on Monday indicated that they were having regular contact with all relevant stakeholders.

“The event will need much financial support and we are inviting potential sponsors, investors to engage asap to raise the estimated running cost of £800k. The event plans will incorporate a business plan which will deliver a sustainable world class event for years to come.

“The event safety plans and course risk assessments and funding applications will take up many hours over the next 12-18 months to ensure that the event has the best rider and spectator safety structures and practices in place for the event,” the statement explained.