The Isle of Man Government Department of Economic Development, the commercial rights holders for the TT Races, is inviting expressions of interest from individuals or businesses able to carry out a feasibility study for a potential TT Races World Championship Series.

The department announced the intention to explore the idea earlier this year as they seek to build a platform that will increase the Isle of Man Government's return on their investment in the TT Races brand through sponsorship, television, licensing and hospitality.

A possible TT World Championship would also generate revenue, earning opportunities for the competitors and teams who take part, and to provide economic and commercial benefits for the venues and other commercial partners who host events. It is also hoped a World Championship would see further economic opportunities develop through the increased exposure.

After tentative discussions, Colin Kniveton, Chief Executive of the Department of Economic development, now wants to accelerate the plans for a World Series.

“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 by 5th August 2011.