The next phase of plans for a TT World Series will see the Manx government seek a commercial partner, to organise and promote it.
The plan is to create an international championship of road races under the TT banner.
The final round would be the TT itself.
Laurence Skelly MHK is the Department of Economic Development's member with responsibility for motorsport:
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DoI seeking 'fair and sustainable' solution to bus drivers' dispute
Political member for department provides update in House of Keys
IOM taking pre-emptive moves as Middle East conflict continues
This afternoon the Economic National Strategy Board will assess potential inflationary pressures
Island gets 'bang for its buck' without a London office, says External Relations director
Chris Brannigan says engagement at party conferences proving useful
Two sailings cancelled due to weather forecast
Afternoon departure from Heysham and evening crossing from Douglas called off
Further offer made to bus drivers on Friday
Bus Vannin says it has attended all negotiations