Oliver's Mount racing promoters are in talks with Scarborough Council about future events at the circuit.
It was announced yesterday (June 27) that Peter Hillaby will retire at the end of the month.
His company, PMH Promotions Ltd, has organised the racing at Oliver's Mount for more than 40 years.
Mr Hillaby has also resigned from his position with the Auto 66 Club, which held the licence for racing at the prestigious circuit, with immediate effect.
Yesterday, a representative for Mr Hillaby spoke to officers at Scarborough Borough Council about his decision and discuss a solution for someone else to take on the responsibility to ensure racing continues in Scarborough.
A spokesman on behalf of PMH Promotions said: "The continuation of racing at Oliver’s Mount is one of Peter’s main priorities but he now realises his health and family must come first.
"Peter has worked very successfully with the Council and the ACU for the past forty years to bring exciting racing and large attendances to Scarborough.
"During that time he has increased the attendance at The Mount by many multiples and that has brought in vast amounts of revenue for both the Council and local traders.
"Peter and/or his representatives and lawyers will now concentrate on working with Council Officers or their representatives to ensure there is a smooth transition so that racing can continue with whoever the council decides is going to take Oliver's Mount forward and continue its place as one of the most natural and spectacular racing venues in the UK.
"Peter would like to thank so many people who have assisted him over those many years including the Scarborough Borough Council, the ACU, competitors and countless officials, marshals and others who have worked tirelessly in a mainly volunteer capacity."
A further statement regarding ticket pre-payments will be made in the near future.
Mr Hillaby has been instrumental in bringing some 'exceptional' racing to Oliver's Mount including big names of the sport Barry Sheene, Giacomo Agostini, Phil Read, Mick Grant, The famous Jefferies family, Carl Fogarty, Joey Dunlop and more.
He has 'tremendous emotional ties' with the circuit and one of his main priorities is the continuation of racing at Oliver's Mount.
Two crashes on the Drury's hairpin at the Steve Henshaw International Gold Cup Races raised concerns over track safety.
The spokesman added: "As many people know Peter has been battling a debilitating illness for several years with the determination that racing must continue at The Mount and until the unfortunate accidents last year which created issues with track safety, which he believed he could overcome, he was ready to go racing again this year.
"However, this was always going to be his last year and it’s a shame that the recent issues have ended his tenure in the way it has.
"This release is not aimed at apportioning or laying blame at anyone’s doorstep, as Gary Barlow and Robbie Williams sing “There are three versions of this story, yours and mine and then the truth”. Although in this case and in these days of social media there are probably quite a few more versions.
"Peter has now faced the reality that with his illness steadily getting worse retirement is inevitable and has made the very difficult decision to call it a day along with his business PMH Promotions who ran the logistics of the racing on behalf of Auto 66 Club."