Mar 16, 2011
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Isle of Man Government's Department of Economic Development Research Global TT Races Series
The Isle of Man Government's Department of Economic Development, the commercial rights holders of the TT Races, is embarking on a feasibility review into the possibility of taking TT Races branded events internationally, as part of a world series. The move is part of the plans to develop the TT brand internationally and promote the Isle of Man.
The TT Races, which have been held on the Isle of Man since 1907, is a significant contributor to the positive national identity of the Isle of Man internationally and it is also the Island's most recognised brand.
The Department funds the TT Races to drive economic development on the Isle of Man to generate tourism and commercial income and to provide a sport's based platform for Isle of Man based companies to make business contacts as well as profiling the benefits of businesses incorporating on the Isle of Man.
The intention is to build a platform that will increase the return on investment for The Isle of Man Government 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.
A consultation exercise will begin shortly as part of the feasibility review and if the proposal is viable, the Department will look to instigate a programme of events for the 2014 racing season.
Hon Allan Bell, MHK, Minister, Department of Economic Development commented:
"We are in the early stages of a consultation process and would welcome approaches from potential partners who are interested in the venture. The TT Races, as one of the world's oldest and most prestigious sporting events, has incredible heritage and attracts interest worldwide from fans. We want to develop and grow this global audience for the benefit both of the event and the Isle of Man."