The Scarborough Spring Cup organisers hope to announce a new date for the event at Oliver’s Mount after the meeting was cancelled.
The two-day event was due to take place from April 21-22.
On Thursday, the Auto66 Club confirmed a new date was being sought after the Auto Cycle Union (ACU) declined to issue a Course Licence for the meeting.
The decision was taken following a risk assessment carried out at the circuit in Scarborough in the wake of last September’s Gold Cup meeting, when spectators were injured as a result of two separate incidents, leading to the abandonment of the event.
The ACU said a number of safety improvements recommended in the aftermath had not been carried out following a course inspection on March 21.
Two further deadline extensions also passed without the necessary improvements being made.
The ACU was unable to grant a Course Licence, which prevented a Permit/Insurance being issued.
It is understood the main issue surrounded the quantity of protective Recticel safety bales required, which would have cost the club around £90,000.
Despite an offer from the organisers of the Ulster Grand Prix to help out by providing the required number of bales, a last-ditch effort to save the meeting came too late.
A statement from the Auto66 Club said: “We are truly sorry to the race fans, riders, teams and media who have planned to attend our Spring Cup event.
“Postponing an event is something we do not take lightly, and we have fought as hard as we possibly could to get the Spring Cup Road Race event the permit it needs, but unfortunately it now has to be cancelled with a new date to be announced soon.
“Thank you all for your messages of support. Oliver’s Mount is England’s only road race circuit. The history that has been created at this unique venue means we will not be ending the journey in this way.
“This is not the end, but the start of a new, safer Oliver’s Mount road race venue.”