The possibility of a T.T. World Series is still actively being considered by the Manx Government.

The Department of Economic Development appointed The Sports Consultancy in November 2011 to examine whether the idea of running races elsewhere, under the Isle of Man T.T. banner, is workable.

The London-based organisation has expertise in commercial development of major sports events, including the Olympic Games, Ryder Cup and Formula One.

Amid plenty of speculation, T.T. and Motorsport Development Manager Paul Phillips has posted an update on the official Isle of Man T.T. website forum.

The overall cost to the Isle of Man Government in appointing The Sports Consultancy for a five month period was ?57,000 which included travel and expenses.

Paul Phillips says the feasibility study was delivered on time and on budget.

Phase two is now under consideration and the target date of 2014 for the project remains on schedule.

He admits this is not straight forward process and is a significant piece of work, but the department remains convinced of the merits of progressing matters based on the findings so far.

No decision on whether the series will happen will be taken until this is complete..

Paul Phillips finishes his post by asking people to be patient saying more information will be made public when it is right to do so.