THE Island's Economic Development Minister has defended the decision to employ consultants to study the possibility of a TT world series.
John Shimmin MHK said the work was not something that could be "confidently undertaken in-house".
Mr Shimmin was responding to a question raised by Ramsey MHK Leonard Singer in the House of Keys this morning (Tuesday).
Mr Singer had asked why it was necessary to spend £57,000 on consultants to carry out a feasibility study.
In response Mr Shimmin said: "My department is tasked with developing existing business opportunities and identifying new revenue streams. The TT world series is a concept that is worthy of exploration but this is a complex area and requires expert research and advice.
"Whilst we have a great deal of in-house experience of promoting a domestic event an international event, and the commercial opportunities and challenges that this may present, is an entirely different matter.
"It will involve consideration of complex legal contracts within a number of different jurisdictions in order to provide opportunities for participating organisations to benefit commercially whilst protecting the TT branded assets of the Island and our own commercial interests.
"These contracts could involve issues such as circuit preparation, television rights, circuit advertising, transport, team incentives, prize money and other commercial opportunities.
"The department, in consultation with the motorsport section, concluded that this was not a piece of work that could confidently be taken on in-house.
"The appointment of the Sports Consultancy was made following a competitive tendering exercise overseen by the treasury.
"The Sports Consultancy offered a competitive tender for the work and were able to demonstrate significant experience in the assessment and organisation of high value sporting events on the international stage, including the complex legal and commercial issues that arise.
"We believe they are the right people to do this work on our behalf.
"The Sports Consultancy have been contracted to produce a feasibility study only. Decisions about the progression of a TT world series will be made by the department following the submission of the consultant's report.
"There will be an expectation that the decision we make about any possible future investment in a TT world series is made after careful consideration of the potential benefits based on a thorough and independent analysis."
Michael MHK Alf Cannan suggested that the department only needed to contact the BBC, ITV and Sky to find out if the interest was there for a TT world series.
Mr Shimmin rebuked this idea and said doing that would "make the Isle of Man look foolish".
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Also see: TT world series study to cost £57,000
