The Department of Economic Development is keen to clarify the costs and ‘Scope of Services’ that will be provided by The Sports Consultancy in their feasibility study for the TT Races World Series. The Sports Consultancy, who will deliver the project with their partner consultancy Capita Symonds, will charge an overall ?57,000 fee for the work including travel and all other expenses associated with the project. The five month contract, which started on 1st November and will run to 31st March 2012, will feature a team of eight people including the Managing Director Angus Buchanan, Project Director Simon Molden as well as other consultants. As part of their review the Sports Consultancy will also assemble an expert panel to provide a full review of all aspects of the study. The comprehensive study will include a full analysis of all technical and commercial aspects of the potential World Series. It will also encompass a detailed review of the potential economic impact of the event as well as a legal examination of the proposal. The Sports Consultancy will also provide an overview of logistical and risk management issues. The team has already begun conversations and research with a number of stakeholders in the proposed event including teams and riders, manufacturers, sponsors, suppliers as well as comparable global events and potential host cities. Colin Kniveton, Chief Executive, Department of Economic Development commented: “The Department appointed The Sports Consultancy following a full tender process that was run under the approved Government financial guidelines. The company not only provided a competitive quotation but also demonstrated the best expertise in delivering the feasibility study.” He continued: “We need to carry out a detailed and comprehensive review to understand the full economic and reputational risk and the potential return on any investment before we commit to any major costs. The Sports Consultancy has extensive global experience and a proven record in this area and, unlike the Manx Grand Prix Festival review that we are able to conduct in house at no cost, have a knowledge and understanding of the required project framework.” ENDS