Olivers Mount Racing posted a statement on social media regarding the cancellations of the Hill Climb, which was due to be held on September 11-12 and the Gold Cup that was scheduled for September 18-19.
It said: "With much regret, we have to admit defeat and cancel the Hill Climb scheduled for 11/12 September and The Michelin Steve Henshaw Gold Cup planned to take place on 18/19 September.
"Much negotiation has taken place with Oliver's Mount Racing, Scarborough Borough Council and the ACU, the sports governing body, but the health and safety issues that remain extant will not be completed before the events are due to take place.
"Apart from Health and Safety concerns, insurance implications also need to be taken into consideration pending removal of some of the defective paddock infrastructure.
"We are totally committed to the future of Olivers Mount, but we now need to take stock of where this leaves Oliver’s Mount due to the financial hardship the last 2 seasons many cancellations have created.
"The venue needs significant investment for events such as the Spring Cup, the Barry Sheene festival and the Gold Cup to take place.
"Further updates will be given through the Winter period and we look forward to working with our landlord, Scarborough Borough Council to help us to resolve the issues so we can have a full programme of events for 2022.
"We have had great support from Scarborough Borough Council and The ACU and both remain fully committed to see Oliver's Mount continue into the future.
"Tickets for events being held next year will not be released until we have a high level of confidence that the Olivers Mount venue will be in a position to safely host those events as the continued cancellation of events is not something anyone wants to see going forward, particularly after the Covid pandemic we have all had to endure.
"Thank you for your ongoing support and understanding.
"To all ticket holders for 2021 events, please contact Customer Services on 01723-333322 to request a full refund for your tickets, if you haven’t already."