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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Manx Care CEO: Manx Care deficit a 'prudent' forecast
Chris Stockport says he doesn't want or expect to finish the year with forecast £19.2m deficit
Ard-Shirveishagh: "If everything is a priority, nothing is a priority"
Chris Thomas defends similarities between his 'Charter for Change' and the previous 'Island Plan'
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Condition affects 6% of Island's population
People urged to share experiences of safeguarding
MLCs considering how well arrangements work on Island