“A consultation exercise will begin shortly as part of the feasibility review and if the proposal is viable, the Department will look to instigate a programme of events for the 2014 racing season,” a statement reads.
The Department funds the TT Races to drive economic development on the Isle of Man to generate tourism and commercial income and to provide a sport’s based platform for Isle of Man based companies to make business contacts as well as profiling the benefits of businesses incorporating on the Isle of Man.
The intention is to build a platform that will increase the return on investment for The Isle of Man Government in the TT Races brand through sponsorship, television, licensing and hospitality, generate revenue earning opportunities for the competitors and teams who take part, and to provide economic and commercial benefits for the destinations and other commercial partners who host rounds.
“We are in the early stages of a consultation process and would welcome approaches from potential partners who are interested in the venture. The TT Races, as one of the world’s oldest and most prestigious sporting events, has incredible heritage and attracts interest worldwide from fans. We want to develop and grow this global audience for the benefit both of the event and the Isle of Man,” stated Hon Allan Bell, MHK, Minister, Department of Economic Development.