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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'Operational reasons' delay Heysham sailing
Manxman to depart more than two hours behind schedule
Attorney General announces plans to retire
Walter Wannenburgh KC has been in the role since 2022
President of Tynwald to retire from politics
Laurence Skelly announces he won't be seeking re-election in July
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Manx Care says it's aware of patients' concerns over access appointments at Southern Group Practice
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Young people and employers meet at annual Isle of Man Graduate Fair