The event, which was announced last year as an Isle of Man TT-style time trial race, had been scheduled to take place in October.

It is understood that no date has yet been set for the race in 2022, although the organisers haven’t given up hope of hosting an official launch later this year.

Plans revealed in 2020 confirmed that the proposed three-day meeting would run under the auspices of the Auto Cycle Union (ACU) on spectacular 12.4-mile course, including a picturesque five-mile stretch along the coastal military road.

Like the TT, the event will be held in a time trial format, with two practice days taking place during race week, followed by racing on the Saturday for classes including Superbikes, Supersport and Lightweight Supertwins.

The Diamond Races organisational team includes TT Clerk of the Course Gary Thompson, former Honda UK team boss Neil Tuxworth, Senior TT winner Steve Plater, British Touring Car Champion Matt Neal and event co-founder and former BTCC driver James Kaye.

Former North West 200 Event Director Meryn Whyte also travelled to the Isle of Wight to see the course and offer safety advice.

The news comes after the North West 200 and Isle of Man TT were cancelled for the second year running due to the Covid-19 crisis.