The Isle of Man Department of Economic Development has launched a comprehensive consultative review to clarify the costs, benefits and future potential to exploit the Manx Grand Prix Festival.
The review will start with immediate effect and will be completed by the end of April 2012, though next year’s Manx Grand Prix Festival, scheduled to run from 18th August to 2nd September, will not be affected by the review and will continue as planned.
The two-week festival currently includes the Manx Grand Prix Races, the Classic Trial, the Two Day Trial and the Vintage Motor Cycle Club Festival of Jurby and Rally. For the past two years there has been an increasing promotion of classic-style events to add a new dimension to the Manx in a bid to attract more interest from fans and help boost revenue.
The Department’s Chief Executive, Colin Kniveton will oversee the review, which will be led by the Department’s Head of Marketing, Heather Smallwood and Director of Finance and Development, Sheila Lowe.
It will commence with a detailed review of all the costs associated with the event and encompass the event structure, marketing and PR, as well as thoroughly evaluating the return on investment that the Festival currently generates for the Island as well as understanding the potential to further exploit and grow the event.
The team will consult with organising clubs, the marshals and all other relevant parties through focus groups and questionnaire analysis.
Kniveton commented: “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. The Manx Grand Prix Festival requires significant funding and costs are increasing year-on-year.
"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."