Isle of Man TT races and TT World Series: Promoter sought
The Manx government has invited promoters to submit plans to run the island's TT races and establish a TT World Series.
The successful candidate would work with the Department of Economic Development to run the 2016 Isle of Man TT races and Classic TT.
Laurence Skelly MHK said he wants the promoter to "capitalise on progress" and "take the event to the next level".
Expressions of interest must be submitted by 28 February.
The promoter would take over from the government's Motorsport Team in 2017 and be responsible for all aspects of the event including broadcast rights, licensing and retail sites.
They would also be tasked with the development of a TT World Series.
The Isle of Man government has deemed the idea viable after paying the London-based Sports Consultancy nearly £190,000 to explore its feasibility.
The Consultancy's Matt Wilson said: "The TT is one of the world's truly great sports properties - combining iconic heritage with state-of-the-art machinery and strong brand values.
"We believe that it has huge untapped global commercial potential."
The TT races have been held on the Isle of Man since 1907.
According to government figures, more than 43,000 people visited the island for the event in 2014, compared to 31,000 in 2011.
Mr Skelly said: "My department has made excellent progress in developing the event with significant increases in visitors, commercial revenue and media profile.
"However, we are now at the stage when an external promoter will be better placed to capitalise on that progress and take the event to the next level."
It is intended that in 2017 "test events" will be held in other countries with a full TT series rolled out in 2018.