The Isle of Wight will not play host to the prestigious cycling event, the Tour of Britain in 2024.

It comes nearly a year after the Island was supposed to hold the final stage of the 2022 event — with the race winding across the Island and ending at the Needles.

Due to the death of Queen Elizabeth II last September, the final three stages of the event did not take place.

The cancellation of the event left the Isle of Wight Council £350,000 out of pocket — as it paid £250,000 to host the event, as well as a further £100,000 for other expenses.

After the event was cancelled, the council said organisers, SweetSpot, had made it clear they were not in a position to refund any of the money.

Negotiations were ongoing to host a future cycling event on the Island, which would have some financial concessions but again the infrastructure costs of hosting would fall to the council.

Due to the logistics of holding the major cycling event on the Isle of Wight, SweetSpot said the Island was best suited to hosting either the opening or final stage of the race.

Spaces for the 2023 race were full but there had been hopes for 2024 with the organisers saying it was their first and preferred option.

In an update given this week by County Hall, a council spokesperson confirmed the Island would not be on the 2024 Tour of Britain route as the finishing stage had already been filled.

They said: "While we are keen to look at the options of considering a future stage, there are costs to consider in the context of the current financial position.

"We are keen to stage a future finish for the event rather than just a mid-week stage.

"Presently the 2024 finish has been secured, so we have a little more time to consider our options."

It had been hoped the Island would make around £4 million from the event by drawing in spectators.

The 2023 Tour of Britain is set to start on September 3 in Altrincham and finish a week later in Caerphilly.