Officials at the Auto 66 Club, which promotes motorbike racing at Oliver's Mount, have announced that director Peter Hillaby will be retiring at the end of the month.
Earlier this month, it was revealed that Scarborough Borough Council had cut ties with the circuit promoter after the Cock O' The North Race was cancelled.
A spokesman for Auto 66 said: "Due to the amount of stress caused in the last three or four months he has been advised to take early retirement from the end of June. This will allow for him to go into hospital in July.
"A major factor in this decision is the stress endured by his wife Jan, brought on by false rumours circulating on social media of which 98% are completely wrong. We would prefer if people asked the Club directly for the true turn of events rather then just hearsay.
"The true facts are simple which we will not we go in to now but the main factor was three years ago a well known sponsor was coming on board to sponsor all the meetings.
"The club was asked to spend all of its finances on updating the equipment. This seemed a very good deal at the time but unfortunately the guy in charged sadly died 3-4 weeks later leaving the club with very little finances."
Now the organisers are now keen to push forward with plans to continue short circuit and hill climb racing this year at Oliver's Mount.
The spokesperson added: "At this moment we would like to thank all the members that have rallied around helping to organise things. Without this support I am afraid the club would not have survived.
"Things are now slowly getting back to normal. Unfortunately we no longer have any paid staff so we are asking you to contact us by email if possible or call the office between 10 am- 12 pm Monday-Friday
"What we need is all your help Marshall/Competitor wise for our next big meeting at Cadwell which includes cars, bikes, sidecars and karts We really would appreciate all the help we can get at this meeting! The next big meeting after Cadwell will be the Bank Holiday 25th/26th Battle of Britain meeting at Croft.
"Regarding the hill climb at Scarborough taking place on the 19th of August. If Oliver’s Mount is not available we have another venue in mind so we would be grateful if you keep an eye on the web page."