The 2007 Motorcross of Nations attracted huge crowds

The event has been cancelled because of the financial difficulties surrounding the Northern Ireland Events company.

The event is regarded as the most prestigious off-road motorcycle race in the world.

The Motorcycling Union of Ireland said the FIM had been left with "no option" but to call off the event.

Tony Skillington added that the NI Events Company funding had been the "backbone" of the event.

"Without their help, the event would not have gone ahead (in previous years)," said Mr Skillington.

"It was really down to the Events Company and Youthstream, who are the promotion partners on behalf of the FIM, the world governing body.

"It was between these two parties to agree terms in relation to the event and secure all of the necessary organisational abilities."

Youthstream and the FIM would have been very nervous to ensure that everything was in place for such a large crowd MCUI official Tony Skillington

The Moneyglass course hosted this year's Northern Ireland round of the World Motocross Championship.

In 2005 and 2006, the Northern Ireland round was staged at nearby Desertmartin and there was some surprise at the decision to build the Moneyglass track for this year's event.

However, organisers felt that the Moneyglass site was better-placed to deal with the 50,000-plus crowd that invariably attend World Championship rounds when they are staged in Northern Ireland.

Skillington added that "horrendous weather" in the lead-up to this year's event had led to a number of "difficulties" at the Moneyglass venue.

"Youthstream and the FIM would have been very nervous to ensure that everything was in place for such a large crowd," added the MCUI official.

The 2007 event, held in the United States, had 31 countries represented.

A similar number of nations were expected to take part next year.