The government is looking for a new independent promoter of the TT and Classic TT races.

Plans to develop a world series have been shelved, with Economic Development Minister Laurence Skelly saying that a world series could detract from the existing events.

The government has spent nearly ?200,000 on investigating the viability of a world series and finding an independent promoter for motorsport.

Today's announcement has been made following the completion of the tender process.Mr Skelly said: 'We must continue to seek new opportunities for growth – it is in that spirit that we entered into the procurement process this year to seek a private
promoter with the right skills and resources to help us grow the TT and Classic TT as well as launch a new, ambitious international TT Series.

'My department has learned a great deal over the last year, both through this process and through the excellent growth we have continued to deliver in 2015. We were very fortunate that we received strong bids from several organisations.

'As a result, I am more convinced than ever that we need a private promoter partner who can bring relevant expertise, commercial acumen and new ideas so that the TT and Classic TT can continue to grow.

'With regard to the proposed TT Series, this has always been a relative high risk idea – indeed, some people have voiced concerns that the TT Series might fail or might dilute focus on the Isle of Man events, either of which could harm the TT and the Island’s economy.

'My department therefore considered very carefully the bids to see whether we could be confident we could deliver the proposed TT Series while managing the risks. If we were a private business, then I think we may have been prepared to take the risks
associated in pursuit of the substantial benefits offered in at least one of the bids.

'However, Government must be mindful of the importance of the TT to many other stakeholders including local businesses, so my Department has applied a higher threshold of risk than say a private organisation would apply. We have therefore decided that the best way forward is to focus on growing the home events and making them more appealing.

'In a few years we can then re-consider the TT Series idea with a stronger proposition to take the global motorsport market.'
A new procurement process will now get under way.

Mr Skelly said: 'Government must be seen to be fair to all potential bidders, both local businesses and others, so given this is different in scope to the previous procurement process it is necessary to commence a new process.'

He says the process should be completed before the 2016 TT festival.

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