The feasibility study that made the case for a TT world series has been made public for the first time.
In the House of Keys this week, LibVan leader Kate Beecroft (Douglas South) asked when the report would be published.
Economic Development Minister Laurence Skelly replied that the 2012 study had been circulated to members in December last year together with the details of the changes that had taken place since that work was undertaken - but he was happy for both to be made public.
It was announced last October that plans to launch a TT world series had been shelved - with the DED Minister admitting it had always been a ‘high risk idea’. The bill for the project was just short of £300,000 - money paid in fees and expenses to the Sports Consultancy which was appointed to carry out the feasibility study.
Last month, Tynwald approved the appointment of Vision Nine as private sector promoter for the TT and Classic TT, with ambitious plans to invest £2.5m in the event and attract tens of thousands of new visitors.
Vision Nine’s 10-year contract gives it the option to discuss the feasibility of future off-island TT events, although the DED would have the power of veto on this.
The department has now provided a copy of the Sports Consultancy’s feasibility study to the Manx Independent.
The redacted report shows that there was early interest in hosting a round of the TT series from a variety of locations across the globe including the Middle East, the Far East, Europe, Africa, Australasia, and South America.
Direct economic impact of hosting a round of the series is estimated at £13.7m, at 2012 prices, compared with £17.3m for the Isle of Man TT itself. With five rounds and the home-based event, the total economic impact is estimated at £85m.
The Sports Consultancy said the TT and Manx government would benefit through the increased exposure in television and media created by the series.
Money would be generated by broadcasting rights, merchandising and licensing - although the current revenues to government from the races have been redacted. There would also be a hosting fee which the consultants calculated at a potential £877,000 from each host venue.
The Sports Consultantcy also identified the risks. These include reputational risk from death or injury, competition from a rival road racing series, insurance becoming unaffordable, opposition from the International Motorcycling Federation and lack of interest from broadcasters, sponsors or riders. The consultants accepted the number of risks could increase if the decision was taken to proceed.
More on this story in Tuesday’s Isle of Man Examiner.
{http://www.iomtoday.co.im/news/isle-of-man-news/will-tt-world-series-get-off-the-ground-1-7065165|Click here to read a report about the TT world series idea from January 2015}