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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'No family should have to live indefinitely between two places'
Today marks two years since Ethan Richardson suffered a hypoglycaemic brain injury
Results of agricultural survey to be sent to prospective MHKs
Farmers recognised for contribution to Manx countryside
Ballafesson Methodist Chapel and Hall to officially close
Building to be put up for sale this Autumn
Overnight closures in place on Peel Road for tree works
Route will shut at 6pm until 6am daily until Thursday