A COMPREHENSIVE review of the Manx Grand Prix has been launched by the Department of Economic Development.

The review – which will look at the event's costs, benefits and potential for future development – will start with immediate effect and is due to be completed by April.

Colin Kniveton, the chief executive of the department, will oversee the project which will be led by Heather Smallwood, the department's head of marketing, and Sheila Lowe, the director of finance and development.

Mr Kniveton said: "The Manx Grand Prix Festival requires significant funding and costs are increasing year-on-year.

"It is the department's policy to ensure that all government funded events are producing a reasonable return on the taxpayer's money invested in them particularly at this time of increasing pressure on spending on public services. 

"However this is not just about reviewing costs but also ensuring that we maximise the potential of any event that the Island hosts in terms of generating visitors, obtaining media coverage and stand-alone revenue as well as safe-guarding its long-term viability. 

"While the TT continues to prosper we have seen other motor sport events encounter difficulties this year and it is in everybody's interests that we periodically review major events to ensure we are making the most of them for the benefit of the Isle of Man."

The Department of Economic Development has said its review team will consult with the organising clubs, marshals and all other relevant parties through focus groups and questionnaires.

The 2012 Manx Grand Prix Festival which will run from August 18 to September 2 will not be affected by the review.

What do you think? Let us know your thoughts by leaving a comment below: