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The Strangford MLA, who chairs the all-party group on sport and recreation at Stormont, said that if financial support could be given to support the Giro D’Italia coming to Northern Ireland in 2014 or the Open Championship at Royal Portrush in 2019 it could also be forthcoming to support road racing.

He was speaking after all road racing, short circuit and trials events were cancelled for 2023.

The news followed an emergency meeting of the Motor Cycle Union of Ireland (Ulster Centre) on Thursday night, when the decision was taken due to soaring insurance costs.

A spokesperson for Mr Nesbitt’s party said: “The Ulster Unionist Party is calling for an urgent intervention to save motorcycle road racing in Northern Ireland, following the devastating news that all races have been cancelled because of rising insurance costs.”

Mr Nesbitt said: “If you think of the level of support the Executive has previously offered to secure the likes of the Giro cycling race or the Open golf, there is a clear argument for financial support for road racing.

“I understand last year’s North West 200 pumped £17.4 million into the local economy. 110,000 visited the races on the Saturday alone, nearly a quarter of visitors were from out of state, creating nearly 65,000 bed nights. This is another compelling reason to get Stormont back up and running.”

DUP MLA Stephen Dunne, meanwhile, said: “This is a really devastating blow for Northern Ireland, and our economy. These sporting events in our calendar are the jewel in our crown and are enjoyed by people from across our country and beyond every year.“We have such a rich sporting heritage in motorcycling racing, both on our roads, and tracks with stars including former World Champions such as Jonathan Rea and the iconic, Joey Dunlop, all local riders who have reached the top in their sport from this part of the world.”

He continued: “These events are much more than exciting competitive sporting events, they are significant economic drivers that attract visitors from across the World every year, bringing a boost to the local economy. Every effort must be made to see if a solution can be found, and I will be working with colleagues and event organisers.”

Mr Dunne added: “We cannot afford to lose these great events, which have helped put Northern Ireland on the map, and showcase our country to the world.”

Calls for government to step in – with cash – and save Northern Ireland road racing