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It is "50/50" if the North West 200 road race will take place in 2023, says event director Mervyn Whyte.
The future of the road race had been plunged into doubt due to soaring insurance costs.
Whyte highlighted that while a deadline has not been set for insurance, the logistics of setting up the event mean a decision will need to be made "in the next couple of weeks".
"I certainly don't want to build up hopes at the present time," he added.
Delegates from governing body Motorcycle Union of Ireland Ulster Centre took part in an emergency meeting on Thursday, after which clubs deemed it impossible to run events because insurance costs had tripled for the forthcoming season.
Cancelled events included the Cookstown 100, Tandragee 100, Armoy road races, Ulster Grand Prix, plus the Sunflower Trophy at Bishopscourt and the Masters Superbike series at Mondello Park.
North West 200 could still run in 2023, say organisers
Despite the cancellation of events in both Northern Ireland and the Republic of Ireland, North West 200 boss Whyte added that the rising costs were a "major shock" but he was determined to keep fighting for the road race to run in its scheduled slot from 7-13 May.
Public liability insurance covers injury to people and damage to property.
The reasons for the increased premiums include instability in the insurance market and insurers becoming very concerned by the number of claims in the sport.
"It is difficult and it has been difficult since the information came out last Thursday," Whyte responded when asked if he was keeping positive about the race's precarious situation.
"It was totally manic for a few days. You have to keep positive and keep hoping and hoping that the brokers themselves, through the underwriters, will come back with good policies that are acceptable financially.
"We're hopeful and we will keep the door open until we see what happens."
'We need answers in the next couple of weeks'
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