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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Manxman repairs expected to exceed £2.5m
The Steam Packet's flagship has been out of action since July
Treasury Minister: Taxpayer footing Manxman repair bill
Steam Packet has previously said it would be paying
Island's youngest ever MHK says he has 'a lot to prove'
Eighteen-year-old Daniel Davison elected in Glenfaba and Peel
"Clearly I'm a candidate" for chief minister - Chris Thomas
Douglas Central MHK re-elected for the fourth time
