Results of a feasibility study into a TT World Series will not be published as it contains commercially sensitive information, MHKs were told.
Economic Development Minister Laurence Skelly told the House of Keys that consultants have been paid more than £116,000 so far - with a further payment of £72,000 now due.
He said the idea was to promote the TT concept in locations including in the Middle East and in the Southern Hemisphere, providing a ‘unique platform to showcase the island’.
But asked by John Houghton (Douglas North) whether he had full confidence in the World Series project, Mr Skelly said he would reserve judgement as ‘we are still at the feasibility stage’.
He promised to organise a briefing for Tynwald members to explain the proposals for the TT World Series and the benefits it could bring to the island.
Mr Houghton had asked how much had been paid on the initiative so far, whether the Minister would publish the results of his department’s feasibility study and how the outcome of the investment would benefit the economy. Mr Skelly replied: ‘Including the fee for the original feasibility study, the total amount paid to the Sports Consultancy to date is £116,348. A further payment of £72,080 is now due.
‘I am keen to give members as much information about this project as possible, but must do so in a way that protects the commercial interests of the island.
‘The feasibility study contains some commercially sensitive information which, if it were publicly disclosed, might adversely affect the procurement process for a commercial promoter intended to take place in 2015. As a result, publication of the study is not considered to be appropriate at this time.’
In Tynwald last week, the Economic Development Minister revealed that the concept of a year-round TT visitor attraction and interactive museum was now a high priority for his department.
TT visitors have increased from 31,000 in 2011 to 43,000 this year.
Mr Skelly said a World Series could build on this success in several ways.
He said current proposals seek to contract out delivery of TT-branded events to an experienced and competent external promoter.
Such a promoter could be better placed to maximise revenues from the TT and the TT brand worldwide through their industry expertise and contacts, he explained.
This could raise extra income with government receiving a share of profits made by the promoter and revenue from licence and other commercial fees.
Mr Skelly said contracting delivery of the TT to an external promoter will ‘hand over a significant proportion of current expenditure resulting in a saving to government as well as helping to achieve a smaller, simpler government’.
MHKs were told the promoter will have an incentive to invest in a develop the TT in ways that the department is not able to.
And Mr Skelly added: ‘The promoter working with my department will take the TT concept and promote it in a number of locations through the proposed World Series of events.
‘At this stage it is anticipated that the World Series will include events in the Middle East and the Southern Hemisphere. This will, over time, provide a unique platform to showcase the island.’
The Minister told the Keys this was a ‘significant opportunity’.
He said the TT and Festival of Motorcycling were reaching a point ‘where we will have a plateau’ and there was a need to expand ‘this strong and positive global brand’.
Mr Houghton asked whether he had full confidence in the initiative. Mr Skelly replied: ‘My confident is slightly reserved as we are still at the feasibility stage.’