A FEASIBILITY study into the formation of an Isle of Man TT World Series event will start this month.

The Department of Economic Development has appointed The Sports Consultancy to conduct the study, following a tender process, into the creation of a world series of affiliated TT Races events. 

It is as a result of increased interest in the races in international markets as well interest from a growing number of international broadcasters who now feature the event.

The Sports Consultancy is said to be an expert in the commercial development of major sports events and has worked with the Olympic Games, Ryder Cup and Formula One.

It will deliver the project with the support of partner agency Capita Symonds who will work on the technical aspects of the study.

Angus Buchanan co-founding director of The Sports Consultancy, said: "We are absolutely delighted to win this pitch and really excited to be working on a project relating to this amazing event.

"The study will combine our extensive experience of creating and commercialising sports events with our rapidly growing expertise in host city consultancy."

Geoff Corkish MHK, political member with responsibility for tourism and motorsport, said: "We are keen to capitalise on the growing worldwide interest in the Isle of Man TT Races - not only to explore potential new revenue streams but also as a platform for the Isle of Man to promote itself and its associated businesses and services.

"The Sports Consultancy is one of the UK's leading and most successful consultancies at establishing international sports properties and we are confident that if the event is possible they will be able to establish a framework to move it forward."

The report is due to be completed by the end of March and an announcement on the study should be made at the 2012 TT Races.

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