Ulster Grand Prix organizers have said they hope the event will mark its centenary by returning to the road racing calendar next year.
The financial problems of host Dundrod & District Club and Covid-19 led to the cancellation of the 2020 and 2021 events.
A club statement said “significant progress” had been made in resolving his financial problems.
The club has entered into a voluntary corporate agreement with the creditors.
“This work will continue over the next few months in hopes of celebrating the centenary of the world’s fastest road race with a return to action in Dundrod in 2022,” the statement said.
“The club would like to thank everyone involved for their understanding of the circumstances which led to the unprecedented financial difficulties of the event and their cooperation in helping to resolve this difficult situation.
“Despite these setbacks, the Dundrod club remain committed to resurrecting the event.
“Conversations have already taken place with public and business groups that share a similar goal and further discussions are planned.”
Dundrod’s club was issued with a winding-up order in April of last year after accumulating debts of around £ 300,000.
Last year’s event seemed unlikely due to crippling debts that left the meeting without an organizing committee, but the race was ultimately called off due to the coronavirus pandemic.