As a consequence of increased insurance and sundry costs, in association with diminished sponsorship revenue,[1] together with the COVID-19 pandemic, the future of the meeting has been called into question.

Following the issuing of the order, the club went into liquidation before later entering into a company voluntary arrangement (CVA) to pay back a portion of its debts to creditors.

[12][10] During the Autumn of 2022 a further feasibility study was undertaken by Revival Racing with a view to the running of the Ulster Grand Prix in August 2023.

Whilst initial studies appeared favourable, Revival Racing subsequently found difficulty in mustering the required financing and in October 2022 issued the following statement: "As this situation is unlikely to change in time to allow us to progress for 2023, we have therefore reluctantly withdrawn our UGP date application with the MCUI (UC).

"This resulted in Revival Racing relinquishing further involvement with the event, and consequently the Dundrod & District Motorcycle Club undertook to attempt to organise the 2023 meeting.

This followed a significant increase in the insurance premium required to cover the events and consequently placed the 2023 racing schedule under threat of being cancelled.

The statement by the club concluded by stating that due to ongoing insurance and financing issues, the proposed 2024 Ulster Grand Prix had been cancelled.

Seven-year-old spectator Christopher McConnell-Hewitt also lost his life when he was struck by the sidecar which veered out of control on a long straight and crashed into a crowd.