The government wants to find a private company to develop TT events around the world.
This morning the Department of Economic Development announced it was looking for an independent promoter to manage and develop the commercial contracts for the TT Races and Classic TT Races, including developing the potential for a franchised series of ‘TT World Series’ events.
Under the proposed scope of services, the government will outsource all commercial aspects of the TT Races, currently managed by the Department of Economic Development’s motorsport team, to an independent promoter.
This includes domestic and international television and broadcast rights, sponsorship and licensing, hospitality and event ticketing, merchandising and retail sites.
An independent promoter would also be tasked with developing and implementing additional road race format events around the world as part of a ‘TT World Series’.
Laurence Skelly MHK, Minister for Economic Development, said: ‘My department has made excellent progress in developing the event with significant increases in visitors, commercial revenue and media profile. However, we are now at the stage when an external promoter will be better placed to capitalise on that progress to take the event to the next level.
‘Not only do I believe that we will be able to increase revenue from both the Isle of Man TT and potential new events, but by outsourcing the commercial aspects of the TT Races we will be able to reduce some of our fixed costs and our potential financial exposure.’
The department is inviting expressions of interest to be submitted before February 28. Suitable candidates will then be issued with ‘Pre-Qualification Questionnaires’ (PQQ) in March 2015 and if the Isle of Man Government believes that there are operators of the required calibre, they will issue invitations to tender with full and detailed proposals required by September 2015.
If a suitable promoter is identified, they would be appointed by December 2015.
It is then anticipated that an independent promoter would work in partnership with the existing Isle of Man TT structure and team to deliver the 2016 Isle of Man TT meeting with a view to the Isle of Man Government handing over the outlined commercial and promotional responsibilities to the Independent promoter for the 2017 TT Races.
It is intended that 2017 would include ‘test’ events in other countries ahead of a full series roll out in 2018.
More on this story in tomorrow’s Manx Independent.