The Circuit of Ireland Rally will not be taking place in 2017 due to a lack of funding.

The rally, which was first staged in 1931, is normally held over Easter weekend and has been won by Irish driver Craig Breen for the last two years.

But Breen will not have the opportunity to make it three in a row next year as financial issues have led to the race being scrapped.

Circuit of Ireland event director, Bobby Willis, said: "We have been working hard with all our funders to plan ahead for 2017 but regrettably at this point in time the financial resources required to deliver the event are still not in place.

“To run the Rally next year, in the current format, without the right resources and necessary planning period would be to do the Rally a gross disservice. I believe we cannot risk proceeding with the 2017 event at this point without financial certainty.”

The rally has missed years in the past, with bad weather calling the event off in 2013 and foot and mouth disease leading it to be scrapped in 2001.

And Willis, who has held his role since 2009, is confident things will be back up and running in 2018, he said: “The decision not to run the Rally next year has been the most difficult one I have ever had to make and will be extremely disappointing for a wide range of people including the hundreds of volunteers who have contributed so much.

“The Circuit of Ireland Rally has reached a level of success unimaginable only a few years ago, attracting an enviable international entry list and with opportunities for even more growth within our grasp.

“For those reasons it is vital that the ‘Circuit of Ireland’ brand is protected for future generations. Whilst other options for a small, local rally may be considered for next year, my plan is to take the time to work closely with our partners to secure the necessary resources and plan for the Circuit of Ireland Rally to return in 2018 with an even better event.”