The deal between the Isle of Man Government and events firm Vision Nine to take on the promotion of the iconic TT races has collapsed.
The Island’s department of economic development has issued a statement confirming that the agreement with the London-based firm has been shelved after months of delays.
Vision Nine was announced as the successful bidder to take over the TT races in March this year and the firm was supposed to take over the promotion of the event from 2017, but following a number of delays it was decided the TT would remain in the Government’s hands for at least another year.
These delays, reportedly down to discussions between individual Government departments, have now led to the Government to make the decision to ‘discontinue the current independent promoter tender process’.
Having been informed of the decision, Vision Nine are said to be looking at issuing legal proceedings against the IOM Government.
The full statement reads:
"Following discussions with other Isle of Man Government Departments, the Department of Economic Development has decided to discontinue the current independent promoter tender process for the TT Races and Classic TT Races.
The Department of Economic Development can confirm that Vision Nine has been formally informed.
As previously stated, The Department of Economic Development will continue to work with the other Government Departments and independent contractors to deliver the 2017 Isle of Man TT Races.
Laurence Skelly, MHK, the Minister for the Department of Economic Development, supports a review of the future delivery of the TT Races and Classic TT Races for the benefit of the Isle of Man.
The Department has been advised by lawyers acting on behalf of Vision Nine of their intention to issue legal proceedings and in the circumstances the matter is now sub judice."
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