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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Isle of Man Government welcomes Middle East ceasefire
Israel and Lebanon have agreed a three-week pause in fighting
Police warn school leavers underage drinking has 'serious consequences'
Year 11s set to go on study leave over the next week
Gas supplier provides reassurance amid ongoing global market volatility
Isle of Man Energy expects any price rise in June to be 'modest'
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Concern for crops and animals after delays to feed and fertiliser deliveries
Further changes to sailing schedule due to tidal restrictions
Manxman crossings affected over next three days