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Hosting road racing costs Government almost £1m

Fri, 15 Jun 2018

Hosting the TT and Festival of Motorsport costs the Manx Government almost £1million per year.

The first report into the Economic Impact Assessment of the two road racing events will be presented to Tynwald next week.

The report finds the TT provides a £600,000 overall income for Government, but the Festival of Motorsport costs over £800,000, while shared costs for the two events total £725,000.

Most Government departments report a loss from spending to accommodate the road racing events, but the Department for Education, Sport and Children records an income of almost £70,000 from providing camping facilities at the NSC and on school sites, while Manx National Heritage also makes more money due to extra visitors.

A second report, which will look at the wider impact on the Island's economy, is due to be published in January next year.

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