Ironically, Finnegan said before the meeting that he felt it would be his day and he added that he was hoping to turn over the result of last week at the Cookstown 100 when Ryan Farquhar, his closest rival, had beaten him in a controversial split-second victory.

The afternoon began wonderfully well for Finnegan as he got home ahead of Farquhar in the open race by seven hundredths of a second.

But then it all turned to tragedy. The 600cc race had only gone one lap when Finnegan spun out of control on the approach to Marlacoo Corner and he ended up in a field of spectators.

Farquhar, Finnegan and Scots rider Keith Amor were disputing the lead when the accident happned.

It is understood three race fans were injured during the accident.

One of them, a female, was taken to Craigavon Hospital suffering from head injuries.

Farquhar, who was close behind him, said: "I've never seen anything like it. Martin hit the side of the road - possibly a grass verge - and then spun off his bike and spiralled through the air before landing in a field.

"In my view his bike had broken up because there was smoke pouring from it and it looked as though he was having trouble controlling it.

"It's a great disaster, for he and I were good pals and the two of us had tremendous battling last week at Cookstown as well as today."

As far as the race was concerned, it was abandoned by the stewards after it became known the extent of the accident.

Doctors and first aid officers were quickly on the scene and tried to resuscitate Finnegan but they were unsuccessful.

And sadly officials trooped back to the start to announce that, in view of the circumstances, the meeting could not continue.

Barry Symmons, who for a period had backed Finnegan on the MV Augusta team was still an unofficial manager for the Dubliner, said after the abandonment: "It's dreadful that this should have happened in front of Martin's wife and young daughter. His father was also watching the race.

"I really don't know what to say. It was marvellous that Martin won the first race but just look at what has happened since. My whole world has fallen apart. I have been manager to Joey Dunlop and Robert Dunlop but I can truly say that Finnegan's performance gave me a great amount of pleasure."

Finnegan had hoped to be a leading figure at the North West 200 in a fortnight's time and he was also intending to ride in the Isle of Man TT. In addition he has ridden in the Far East and is one of the most travelled of Irish road racers.

Once again the old platitude that he was a safe rider has been produced, but no one can predict the unpredictable.

All this happened in a split second and no one can really say for sure what caused the accident.

The stewards issued a statement shortly afterwards that they would be assisting police in their investigation.

Officials voiced their sympathy on the death of Finnegan, and coming on top of last year's fatal accident to John Donnan, the Tandragee 100 looks very much under a cloud.

"As far as our club is concerned we will have to make a decision as to what our future is in road racing but it's too early to say that we will be ending our long and fruitful history with the sport," the statement added.