TT World Series project gathers pace

TT World Series took a step closer to reality today when the Isle of Man Government issued a press statement saying they were looking to engage a consultancy firm to investigate the viability of such a series.

The press statement reads:

The Isle of Man Government Department of Economic Development, the commercial rights holders for the TT Races, has invited expressions of interest from individuals or businesses to carry out a feasibility study for the proposed TT Races World Championship Series. The move comes as the Department looks to capitalise on the growing popularity of the TT Races by creating additional revenue streams from the event.

The Department announced the intention to review the possibility of creating a TT World Series in March 2011 and this latest move is designed to further research the idea.

The intention is to build a platform that will increase the Isle of Man Government’s return on investment 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. It will also seek to develop economic opportunities for the Island by promoting a greater awareness of the Isle of Man as a business jurisdiction.

Colin Kniveton, Chief Executive, Department of Economic Development commented:
“Having held preliminary discussions with teams and riders about the event we are now looking to take the proposal to the next stage by seeking expressions of interest from suitable qualified businesses or individuals, with global motorsport experience, to provide the Department with an initial feasibility study which will set out the mechanics of how a TT World Series might operate.

We believe that with the growing interest in the TT Races, the World Series has great potential both to generate revenue and also increase the profile of the Isle of Man and the TT Races.”

Interested parties are required to register with Rebecca Williamson, Procurement Services, The Treasury, Government Office, Bucks Road, Douglas, Isle of Man IM1 3PU or email rebecca.williamson@gov.im by 5th August 2011.